Montrusco Bolton Investments Inc. Cuts Stock Holdings in New Gold Inc. (NYSE:NGD)

Montrusco Bolton Investments Inc. decreased its holdings in shares of New Gold Inc. (NYSE:NGD) by 16.7% in the 3rd quarter, Holdings Channel reports. The firm owned 5,507,760 shares of the company’s stock after selling 1,102,861 shares during the period. Montrusco Bolton Investments Inc.’s holdings in New Gold were worth $15,982,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Scientech Research LLC purchased a new position in shares of New Gold during the second quarter worth about $28,000. Coppell Advisory Solutions Corp. purchased a new position in shares of New Gold during the first quarter worth about $30,000. Allworth Financial LP grew its holdings in shares of New Gold by 941.8% during the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after purchasing an additional 9,418 shares in the last quarter. Eastern Bank purchased a new stake in New Gold in the third quarter worth approximately $33,000. Finally, Rathbones Group PLC purchased a new stake in New Gold in the second quarter worth approximately $36,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

Analyst Upgrades and Downgrades

NGD has been the subject of several research reports. StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Scotiabank upped their target price on New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research note on Tuesday, September 17th. Finally, Royal Bank of Canada upped their target price on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $3.08.

New Gold Stock Performance

NYSE:NGD opened at $2.84 on Friday. The firm has a market cap of $2.24 billion, a PE ratio of 26.18 and a beta of 1.31. New Gold Inc. has a fifty-two week low of $1.09 and a fifty-two week high of $3.25. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The business has a 50 day moving average price of $2.86 and a 200-day moving average price of $2.42.

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