Allspring Global Investments Holdings LLC boosted its stake in New Gold Inc. (NYSE:NGD - Free Report) by 684.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,466,500 shares of the company's stock after acquiring an additional 1,279,500 shares during the period. Allspring Global Investments Holdings LLC owned 0.19% of New Gold worth $4,255,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the stock. Renaissance Technologies LLC lifted its holdings in shares of New Gold by 13.5% in the 2nd quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company's stock worth $39,217,000 after purchasing an additional 2,399,200 shares in the last quarter. Mackenzie Financial Corp raised its position in New Gold by 57.3% in the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company's stock valued at $32,229,000 after buying an additional 5,948,394 shares during the last quarter. Herr Investment Group LLC raised its position in New Gold by 40.4% in the 2nd quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company's stock valued at $10,160,000 after buying an additional 1,499,745 shares during the last quarter. TD Asset Management Inc raised its position in New Gold by 9.8% in the 2nd quarter. TD Asset Management Inc now owns 4,129,508 shares of the company's stock valued at $8,148,000 after buying an additional 369,354 shares during the last quarter. Finally, U S Global Investors Inc. raised its position in New Gold by 3.3% in the 2nd quarter. U S Global Investors Inc. now owns 2,993,831 shares of the company's stock valued at $6,260,000 after buying an additional 96,487 shares during the last quarter. 42.82% of the stock is currently owned by institutional investors.
New Gold Trading Up 1.6 %
Shares of NGD stock traded up $0.04 on Tuesday, hitting $2.91. 7,642,144 shares of the stock were exchanged, compared to its average volume of 8,050,148. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of -29.05 and a beta of 1.30. New Gold Inc. has a one year low of $1.09 and a one year high of $3.25. The firm has a 50 day moving average price of $2.80.
New Gold (NYSE:NGD - Get Free Report) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%. The company had revenue of $218.20 million during the quarter. On average, sell-side analysts expect that New Gold Inc. will post 0.15 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently commented on the company. StockNews.com raised New Gold from a "hold" rating to a "buy" rating in a research report on Friday. CIBC raised their target price on New Gold from $3.00 to $3.40 and gave the company an "outperformer" rating in a research report on Wednesday, July 10th. Scotiabank raised their target price on New Gold from $2.75 to $3.25 and gave the company a "sector outperform" rating in a research report on Tuesday, September 17th. Cibc World Mkts raised New Gold to a "strong-buy" rating in a research report on Wednesday, July 10th. Finally, Royal Bank of Canada raised their target price on New Gold from $3.00 to $3.50 and gave the company an "outperform" rating in a research report on Tuesday, September 10th. Two investment 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, the stock presently has a consensus rating of "Buy" and a consensus target price of $3.08.
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New Gold Profile
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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.
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