Acadian Asset Management LLC Raises Position in New Gold Inc. (NYSE:NGD)

Acadian Asset Management LLC raised its stake in New Gold Inc. (NYSE:NGD) by 1,210.3% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,203,908 shares of the company’s stock after buying an additional 1,112,030 shares during the quarter. Acadian Asset Management LLC’s holdings in New Gold were worth $2,342,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Hillsdale Investment Management Inc. increased 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 valued at $23,508,000 after acquiring an additional 11,186,898 shares during the last quarter. Van ECK Associates Corp increased its position in shares of New Gold by 8.4% during the first quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock valued at $123,249,000 after acquiring an additional 5,613,145 shares during the last quarter. Invenomic Capital Management LP increased its position in shares of 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 during the last quarter. CIBC Asset Management Inc increased its position in shares of New Gold by 196.2% during the second quarter. CIBC Asset Management Inc now owns 2,060,975 shares of the company’s stock valued at $4,065,000 after acquiring an additional 1,365,089 shares during the last quarter. Finally, TD Asset Management Inc increased its position in shares of 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 during the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Price Performance

New Gold stock opened at $3.10 on Friday. New Gold Inc. has a one year low of $0.86 and a one year high of $3.12. The stock has a fifty day moving average of $2.36. 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 $2.45 billion, a price-to-earnings ratio of -31.00 and a beta of 1.29.

New Gold (NYSE:NGD) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 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 firm had revenue of $218.20 million during the quarter. Sell-side analysts expect that New Gold Inc. will post 0.14 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NGD has been the subject of a number of research analyst reports. Scotiabank increased their price target on New Gold from $2.50 to $2.75 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. CIBC raised their target price on New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. National Bank Financial raised New Gold from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th. Royal Bank of Canada raised their target price on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, TD Securities raised New Gold from a “sell” rating to a “hold” rating in a research report on Tuesday, May 21st. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $2.66.

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.