New Gold (NYSEAMERICAN:NGD) Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of New Gold (NYSEAMERICAN:NGD) from a buy rating to a hold rating in a research note issued to investors on Saturday morning, Zacks.com reports.

According to Zacks, “New Gold Inc. is focused on the exploration and development of the Afton Copper-Gold Project, located 6 miles (10 km) west of Kamloops, British Columbia. “

A number of other brokerages have also recently issued reports on NGD. Royal Bank of Canada raised shares of New Gold from an underperform rating to a sector perform rating and upped their target price for the company from $1.00 to $1.30 in a report on Thursday, September 5th. Raymond James set a $1.25 target price on shares of New Gold and gave the company a market perform rating in a report on Friday, August 2nd. Canaccord Genuity reaffirmed a hold rating on shares of New Gold in a report on Friday, July 19th. BidaskClub cut shares of New Gold from a buy rating to a hold rating in a report on Saturday, August 31st. Finally, CIBC set a $1.40 target price on shares of New Gold and gave the company a hold rating in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $1.17.

NYSEAMERICAN NGD traded up $0.02 on Friday, reaching $1.00. The company had a trading volume of 3,450,567 shares, compared to its average volume of 4,879,653. New Gold has a 1-year low of $0.61 and a 1-year high of $1.56. The company’s fifty day moving average is $1.20 and its 200-day moving average is $0.98.

New Gold (NYSEAMERICAN:NGD) last issued its quarterly earnings results on Thursday, August 1st. The basic materials company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.02) by $0.01. The business had revenue of $155.10 million for the quarter, compared to the consensus estimate of $166.10 million.

Several large investors have recently made changes to their positions in NGD. Commerzbank Aktiengesellschaft FI boosted its position in shares of New Gold by 6.2% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 6,111,905 shares of the basic materials company’s stock worth $6,173,000 after acquiring an additional 358,582 shares in the last quarter. CLARET ASSET MANAGEMENT Corp boosted its position in shares of New Gold by 111.5% during the 3rd quarter. CLARET ASSET MANAGEMENT Corp now owns 550,000 shares of the basic materials company’s stock worth $552,000 after acquiring an additional 290,000 shares in the last quarter. Hexavest Inc. boosted its position in shares of New Gold by 3.3% during the 3rd quarter. Hexavest Inc. now owns 2,258,338 shares of the basic materials company’s stock worth $2,281,000 after acquiring an additional 73,051 shares in the last quarter. River & Mercantile Asset Management LLP acquired a new stake in shares of New Gold during the 2nd quarter worth approximately $908,000. Finally, Schroder Investment Management Group acquired a new stake in shares of New Gold during the 2nd quarter worth approximately $1,684,000. Hedge funds and other institutional investors own 51.53% of the company’s stock.

New Gold Company Profile

New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the Rainy River project located in Ontario, Canada; the New Afton project located near Kamloops, British Columbia, Canada; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

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