Lord Abbett & CO. LLC Buys New Stake in New Gold Inc. (NYSE:NGD)

Lord Abbett & CO. LLC purchased a new stake in shares of New Gold Inc. (NYSE:NGD - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,530,000 shares of the company's stock, valued at approximately $4,435,000. Lord Abbett & CO. LLC owned 0.19% of New Gold as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Scientech Research LLC bought a new position in shares of New Gold during the second quarter worth $28,000. Allworth Financial LP lifted its stake in New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company's stock worth $30,000 after acquiring an additional 9,418 shares during the period. Eastern Bank bought a new position in shares of New Gold during the third quarter valued at approximately $33,000. Rathbones Group PLC bought a new position in shares of New Gold in the 2nd quarter worth $36,000. Finally, NorthCrest Asset Manangement LLC purchased a new position in shares of New Gold in the 3rd quarter worth approximately $58,000. Institutional investors own 42.82% of the company's stock.

Analyst Ratings Changes

NGD has been the subject of a number of research reports. Royal Bank of Canada lifted their target price on New Gold from $3.00 to $3.50 and gave the stock an "outperform" rating in a report on Tuesday, September 10th. Scotiabank lifted 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 report on Tuesday, September 17th. Finally, StockNews.com upgraded shares of New Gold from a "hold" rating to a "buy" rating in a research report on Friday, October 25th. One 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. According to MarketBeat, New Gold presently has an average rating of "Buy" and a consensus target price of $3.41.

New Gold Trading Down 1.3 %

NYSE NGD traded down $0.04 on Tuesday, reaching $2.67. 7,534,013 shares of the company were exchanged, compared to its average volume of 8,243,184. New Gold Inc. has a fifty-two week low of $1.09 and a fifty-two week high of $3.25. The stock has a market capitalization of $2.11 billion, a P/E ratio of 133.00 and a beta of 1.32. The business's fifty day moving average price is $2.80 and its 200 day moving average price is $2.53. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45.

New Gold (NYSE:NGD - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.04 by $0.04. New Gold had a net margin of 2.33% and a return on equity of 9.38%. The firm had revenue of $252.00 million during the quarter. Analysts forecast 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.