Old West Investment Management LLC Buys 300,000 Shares of New Gold Inc. (NYSE:NGD)

Old West Investment Management LLC lifted its stake in New Gold Inc. (NYSE:NGD - Free Report) by 42.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,000,000 shares of the company's stock after buying an additional 300,000 shares during the period. New Gold makes up approximately 1.0% of Old West Investment Management LLC's investment portfolio, making the stock its 29th biggest position. Old West Investment Management LLC owned about 0.13% of New Gold worth $2,880,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in NGD. Oppenheimer & Close LLC boosted its position in shares of New Gold by 99.9% during the 1st quarter. Oppenheimer & Close LLC now owns 1,692,870 shares of the company's stock worth $2,878,000 after acquiring an additional 846,000 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in shares of New Gold in the 1st quarter valued at $1,074,000. CANADA LIFE ASSURANCE Co raised its holdings in shares of New Gold by 198.7% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 247,527 shares of the company's stock worth $416,000 after buying an additional 164,664 shares in the last quarter. Herr Investment Group LLC lifted its position in shares of New Gold by 25.3% during the 1st quarter. Herr Investment Group LLC now owns 3,710,618 shares of the company's stock worth $6,308,000 after buying an additional 750,000 shares during the last quarter. Finally, Coppell Advisory Solutions Corp. acquired a new stake in New Gold in the first quarter valued at about $30,000. Institutional investors and hedge funds own 42.82% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on NGD. StockNews.com raised New Gold from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. CIBC raised their target price on shares of New Gold from $3.00 to $3.40 and gave the company an "outperformer" rating in a research report on Wednesday, July 10th. Scotiabank upped their price target on shares of New Gold from $2.75 to $3.25 and gave the stock a "sector outperform" rating in a report on Tuesday, September 17th. Royal Bank of Canada increased their price target on New Gold from $3.00 to $3.50 and gave the company an "outperform" rating in a research note on Tuesday, September 10th. Finally, Cibc World Mkts upgraded New Gold to a "strong-buy" rating in a research report on Wednesday, July 10th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $3.08.

New Gold Trading Down 1.8 %

NGD stock traded down $0.05 during midday trading on Wednesday, hitting $2.69. The stock had a trading volume of 14,186,950 shares, compared to its average volume of 8,165,833. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The firm has a market cap of $2.13 billion, a price-to-earnings ratio of 132.00 and a beta of 1.31. The company's fifty day moving average price is $2.82. New Gold Inc. has a 1-year low of $1.09 and a 1-year high of $3.25.

New Gold (NYSE:NGD - Get Free Report) last released its earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. The business 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%. On average, equities analysts anticipate that New Gold Inc. will post 0.17 EPS for the current year.

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.