New Gold Inc. (NYSE:NGD) Shares Sold by Old West Investment Management LLC

Old West Investment Management LLC cut its stake in New Gold Inc. (NYSE:NGD - Free Report) by 28.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 500,000 shares of the company's stock after selling 200,000 shares during the period. Old West Investment Management LLC owned about 0.06% of New Gold worth $1,440,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Allworth Financial LP lifted its position in shares of New Gold by 941.8% during the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company's stock worth $30,000 after purchasing an additional 9,418 shares during the last quarter. Eastern Bank purchased a new stake in New Gold during the 3rd quarter worth about $33,000. Scientech Research LLC acquired a new position in shares of New Gold during the 2nd quarter worth about $28,000. Rathbones Group PLC purchased a new position in shares of New Gold in the 2nd quarter valued at about $36,000. Finally, NorthCrest Asset Manangement LLC acquired a new stake in shares of New Gold during the 3rd quarter worth about $58,000. Hedge funds and other institutional investors own 42.82% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on NGD shares. StockNews.com raised New Gold from a "hold" rating to a "buy" rating in a report on Friday, October 25th. Royal Bank of Canada upped 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. Finally, Scotiabank lifted their price target on New Gold from $2.75 to $3.25 and gave the stock a "sector outperform" rating in a research report on Tuesday, September 17th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $3.41.

New Gold Stock Performance

NGD traded up $0.16 on Wednesday, hitting $3.07. 8,037,474 shares of the company traded hands, compared to its average volume of 8,241,976. New Gold Inc. has a 12-month low of $1.09 and a 12-month high of $3.25. The company has a 50 day moving average of $2.79 and a 200-day moving average of $2.51. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $2.43 billion, a PE ratio of 145.75 and a beta of 1.32.

New Gold (NYSE:NGD - Get Free Report) last released its quarterly 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. New Gold had a return on equity of 9.38% and a net margin of 2.33%. The business had revenue of $252.00 million during the quarter. Sell-side analysts anticipate that New Gold Inc. will post 0.18 earnings per share for the current year.

About New Gold

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.