Caprock Group LLC Takes Position in New Gold Inc. (NYSE:NGD)

Caprock Group LLC bought a new position in shares of New Gold Inc. (NYSE:NGD) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 800,174 shares of the company’s stock, valued at approximately $1,560,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its stake in New Gold by 8.4% in the 1st quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock worth $123,249,000 after purchasing an additional 5,613,145 shares during the period. Hillsdale Investment Management Inc. boosted its position in shares of New Gold by 222.4% during the fourth quarter. Hillsdale Investment Management Inc. now owns 16,216,173 shares of the company’s stock worth $23,508,000 after acquiring an additional 11,186,898 shares during the last quarter. Invenomic Capital Management LP grew its stake in New Gold by 19.6% during the fourth quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock valued at $14,748,000 after acquiring an additional 1,654,396 shares in the last quarter. TD Asset Management Inc grew its stake in New Gold by 33.5% during the fourth quarter. TD Asset Management Inc now owns 4,694,483 shares of the company’s stock valued at $6,836,000 after acquiring an additional 1,178,194 shares in the last quarter. Finally, Heartland Advisors Inc. increased its holdings in New Gold by 7.1% in the 4th quarter. Heartland Advisors Inc. now owns 3,750,000 shares of the company’s stock valued at $5,475,000 after acquiring an additional 250,000 shares during the last quarter. Institutional investors own 42.82% of the company’s stock.

New Gold Stock Performance

Shares of New Gold stock opened at $2.37 on Tuesday. The stock has a market cap of $1.87 billion, a PE ratio of -23.70 and a beta of 1.29. The company has a current ratio of 1.50, a quick ratio of 0.98 and a debt-to-equity ratio of 0.52. The business has a 50 day moving average of $2.32. New Gold Inc. has a one year low of $0.86 and a one year high of $2.73.

New Gold (NYSE:NGD) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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. Sell-side analysts predict that New Gold Inc. will post 0.14 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. National Bank Financial upgraded New Gold from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th. Scotiabank raised their price target on New Gold from $2.50 to $2.75 and gave the company a “sector outperform” rating in a report on Monday, August 19th. StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a report on Sunday, September 1st. 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 report on Wednesday, July 10th. Finally, BMO Capital Markets began coverage on shares of New Gold in a research report on Friday, May 31st. They issued an “outperform” rating and a $3.50 price target on the stock. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $2.49.

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.