Essex Investment Management Co. LLC Lowers Stock Position in New Gold Inc (NYSEAMERICAN:NGD)

Essex Investment Management Co. LLC lowered its position in New Gold Inc (NYSEAMERICAN:NGD) by 18.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 775,000 shares of the basic materials company’s stock after selling 169,596 shares during the period. Essex Investment Management Co. LLC owned about 0.13% of New Gold worth $783,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in NGD. Brave Asset Management Inc. grew its position in New Gold by 15.6% during the second quarter. Brave Asset Management Inc. now owns 126,000 shares of the basic materials company’s stock valued at $121,000 after buying an additional 17,000 shares during the period. Oppenheimer & Close LLC bought a new position in New Gold during the second quarter valued at about $27,000. D. E. Shaw & Co. Inc. bought a new position in New Gold during the second quarter valued at about $29,000. Swiss National Bank grew its position in New Gold by 4.6% during the second quarter. Swiss National Bank now owns 1,084,262 shares of the basic materials company’s stock valued at $1,051,000 after buying an additional 47,500 shares during the period. Finally, Intact Investment Management Inc. grew its position in New Gold by 2.8% during the second quarter. Intact Investment Management Inc. now owns 1,897,600 shares of the basic materials company’s stock valued at $2,391,000 after buying an additional 52,500 shares during the period. Institutional investors own 51.53% of the company’s stock.

Several equities analysts recently weighed in on the stock. Canaccord Genuity restated a “hold” rating on shares of New Gold in a research report on Friday, July 19th. Zacks Investment Research lowered shares of New Gold from a “buy” rating to a “hold” rating in a research report on Friday. Raymond James set a $1.25 target price on shares of New Gold and gave the stock a “market perform” rating in a research report on Friday, August 2nd. BidaskClub lowered shares of New Gold from a “buy” rating to a “hold” rating in a research report on Saturday, August 31st. Finally, Royal Bank of Canada upgraded shares of New Gold from an “underperform” rating to a “sector perform” rating and increased their target price for the stock from $1.00 to $1.30 in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $1.17.

Shares of NGD opened at $0.98 on Friday. The firm’s 50 day simple moving average is $1.20 and its 200 day simple moving average is $0.98. New Gold Inc has a 1-year low of $0.61 and a 1-year high of $1.56.

New Gold (NYSEAMERICAN:NGD) last announced its earnings results on Thursday, August 1st. The basic materials company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. The company had revenue of $155.10 million during the quarter, compared to analysts’ expectations of $166.10 million.

About New Gold

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.

Featured Article: G-20

Institutional Ownership by Quarter for New Gold (NYSEAMERICAN:NGD)

Receive News & Ratings for New Gold Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Gold and related companies with MarketBeat.com's FREE daily email newsletter.