ArrowMark Colorado Holdings LLC Buys New Position in New Gold Inc. (NYSE:NGD)

ArrowMark Colorado Holdings LLC purchased a new position in shares of New Gold Inc. (NYSE:NGD - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,662,000 shares of the company's stock, valued at approximately $4,787,000. ArrowMark Colorado Holdings LLC owned approximately 0.21% of New Gold at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Scientech Research LLC acquired a new stake in shares of New Gold in the 2nd quarter valued at $28,000. Allworth Financial LP increased 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 buying an additional 9,418 shares in the last quarter. Eastern Bank bought a new position in shares of New Gold in the third quarter valued at approximately $33,000. Rathbones Group PLC acquired a new position in shares of New Gold in the 2nd quarter worth approximately $36,000. Finally, Morton Capital Management LLC CA raised its position in New Gold by 23.3% in the 2nd quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company's stock valued at $52,000 after purchasing an additional 5,000 shares during the last quarter. Institutional investors own 42.82% of the company's stock.

New Gold Trading Up 7.4 %

NGD traded up $0.20 during midday trading on Tuesday, reaching $2.92. 8,596,842 shares of the company were exchanged, compared to its average volume of 8,246,871. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. New Gold Inc. has a one year low of $1.09 and a one year high of $3.25. The stock has a market capitalization of $2.31 billion, a P/E ratio of 146.00 and a beta of 1.32. The stock's 50-day simple moving average is $2.81 and its 200 day simple moving average is $2.47.

New Gold (NYSE:NGD - Get Free Report) last issued its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.04 by $0.04. New Gold had a return on equity of 9.38% and a net margin of 2.33%. The firm had revenue of $252.00 million for the quarter. As a group, analysts forecast that New Gold Inc. will post 0.18 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on NGD. Royal Bank of Canada boosted their target price on shares of New Gold from $3.00 to $3.50 and gave the stock an "outperform" rating in a research note on Tuesday, September 10th. StockNews.com upgraded New Gold from a "hold" rating to a "buy" rating in a report on Friday, October 25th. Finally, Scotiabank raised their target price on shares of New Gold from $2.75 to $3.25 and gave the company a "sector outperform" rating in a research note on Tuesday, September 17th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $3.41.

New Gold 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.