Independent Family Office LLC Buys New Stake in New Gold Inc. (NYSE:NGD)

Independent Family Office LLC bought a new stake in New Gold Inc. (NYSE:NGD) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 84,114 shares of the company’s stock, valued at approximately $242,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NGD. Scientech Research LLC purchased a new stake in shares of New Gold in the second quarter valued at about $28,000. Allworth Financial LP raised its holdings in shares of New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after buying an additional 9,418 shares during the last quarter. Eastern Bank purchased a new stake in shares of New Gold in the third quarter valued at about $33,000. Rathbones Group PLC purchased a new stake in shares of New Gold in the second quarter valued at about $36,000. Finally, Morton Capital Management LLC CA raised its holdings in shares of New Gold by 23.3% in the second quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock valued at $52,000 after buying an additional 5,000 shares during the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

New Gold Trading Up 4.0 %

Shares of NGD stock traded up $0.11 during trading hours on Tuesday, reaching $2.83. 913,049 shares of the stock traded hands, compared to its average volume of 8,214,187. New Gold Inc. has a 1-year low of $1.09 and a 1-year high of $3.25. The business has a fifty day moving average price of $2.81 and a 200 day moving average price of $2.47. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $2.24 billion, a PE ratio of 136.00 and a beta of 1.32.

New Gold (NYSE:NGD) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $252.00 million for the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. On average, equities research analysts forecast that New Gold Inc. will post 0.18 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently issued reports on NGD shares. Royal Bank of Canada increased their price target on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Scotiabank increased their price target on shares of New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research report on Tuesday, September 17th. Finally, StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $3.41.

New Gold Company Profile

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company’s principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.