Empyrean Capital Partners LP Sells 250,232 Shares of New Gold Inc. (NYSE:NGD)

Empyrean Capital Partners LP lowered its holdings in New Gold Inc. (NYSE:NGD - Free Report) by 11.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,019,103 shares of the company's stock after selling 250,232 shares during the period. Empyrean Capital Partners LP owned about 0.26% of New Gold worth $3,937,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Coppell Advisory Solutions Corp. bought a new stake in shares of New Gold during the 1st quarter worth $30,000. Rathbones Group PLC acquired a new position in New Gold in the second quarter worth approximately $36,000. Moloney Securities Asset Management LLC acquired a new position in shares of New Gold during the 1st quarter worth $42,000. Morton Capital Management LLC CA raised its holdings in New Gold by 23.3% during the second quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company's stock valued at $52,000 after buying an additional 5,000 shares in the last quarter. Finally, Banque Cantonale Vaudoise bought a new position in shares of New Gold in the 2nd quarter valued at approximately $87,000. Institutional investors and hedge funds own 42.82% of the company's stock.

New Gold Stock Down 1.0 %

Shares of NGD stock traded down $0.03 during mid-day trading on Thursday, reaching $3.11. The stock had a trading volume of 8,845,354 shares, compared to its average volume of 7,979,062. New Gold Inc. has a one year low of $0.86 and a one year high of $3.25. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of -31.40 and a beta of 1.29. The company has a 50 day moving average of $2.50. 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 (NYSE:NGD - Get Free Report) last issued its earnings results on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. The firm had revenue of $218.20 million during the quarter. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%. Sell-side analysts forecast that New Gold Inc. will post 0.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. StockNews.com raised shares of New Gold from a "hold" rating to a "buy" rating in a research report on Saturday, September 21st. CIBC upped their price target on shares of 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 lifted their price objective on New Gold from $3.00 to $3.50 and gave the stock an "outperform" rating in a research note on Tuesday, September 10th. BMO Capital Markets began coverage on New Gold in a research note on Friday, May 31st. They set an "outperform" rating and a $3.50 target price for the company. Finally, Cibc World Mkts raised New Gold to a "strong-buy" rating in a research report on Wednesday, July 10th. Two investment 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 MarketBeat, New Gold has a consensus rating of "Buy" and an average price target of $2.74.

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.