U S Global Investors Inc. Sells 480,805 Shares of New Gold Inc. (NYSE:NGD)

U S Global Investors Inc. trimmed its stake in shares of New Gold Inc. (NYSE:NGD) by 16.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,513,026 shares of the company’s stock after selling 480,805 shares during the quarter. New Gold accounts for 0.7% of U S Global Investors Inc.’s portfolio, making the stock its 26th largest holding. U S Global Investors Inc.’s holdings in New Gold were worth $7,238,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of NGD. Van ECK Associates Corp raised its stake in shares of New Gold by 8.4% in the first quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock valued at $123,249,000 after acquiring an additional 5,613,145 shares during the last quarter. Renaissance Technologies LLC increased its holdings in New Gold by 13.5% during the 2nd quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock valued at $39,217,000 after purchasing an additional 2,399,200 shares in the last quarter. Mackenzie Financial Corp raised its position in New Gold by 57.3% in the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock valued at $32,229,000 after purchasing an additional 5,948,394 shares during the last quarter. Herr Investment Group LLC boosted its stake in New Gold by 40.4% in the second quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company’s stock worth $10,160,000 after purchasing an additional 1,499,745 shares in the last quarter. Finally, TD Asset Management Inc grew its holdings in shares of New Gold by 9.8% during the second quarter. TD Asset Management Inc now owns 4,129,508 shares of the company’s stock worth $8,148,000 after purchasing an additional 369,354 shares during the last quarter. 42.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on NGD. CIBC lifted their price target on New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Royal Bank of Canada upped their target price on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. StockNews.com cut shares of New Gold from a “buy” rating to a “hold” rating in a research report on Thursday, October 17th. Finally, Scotiabank increased their price objective on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research report on Tuesday, September 17th. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, New Gold presently has a consensus rating of “Moderate Buy” and an average target price of $2.74.

New Gold Trading Up 2.7 %

Shares of NGD stock traded up $0.08 on Tuesday, reaching $3.05. The company had a trading volume of 462,171 shares, compared to its average volume of 8,014,393. The firm has a market capitalization of $2.41 billion, a PE ratio of -29.65 and a beta of 1.30. The stock’s 50-day simple moving average is $2.76. The company has a current ratio of 1.50, a quick ratio of 0.98 and a debt-to-equity ratio of 0.52. New Gold Inc. has a 12 month low of $1.03 and a 12 month high of $3.25.

New Gold (NYSE:NGD) last issued its earnings results on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of $0.01 by $0.01. The firm had revenue of $218.20 million during the quarter. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. Sell-side analysts anticipate that New Gold Inc. will post 0.15 earnings per share for the current year.

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.