Allworth Financial LP Increases Position in New Gold Inc. (NYSE:NGD)

Allworth Financial LP raised its holdings in shares of New Gold Inc. (NYSE:NGD) by 941.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,418 shares of the company’s stock after buying an additional 9,418 shares during the period. Allworth Financial LP’s holdings in New Gold were worth $30,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of NGD. Mackenzie Financial Corp boosted its position in shares of New Gold by 57.3% during the second 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 period. Renaissance Technologies LLC boosted its position in shares of New Gold by 13.5% during the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock valued at $39,217,000 after buying an additional 2,399,200 shares during the period. Herr Investment Group LLC boosted its position in shares of New Gold by 40.4% during the second 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 period. CIBC Asset Management Inc boosted 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 buying an additional 1,365,089 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of New Gold by 684.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,466,500 shares of the company’s stock valued at $4,255,000 after purchasing an additional 1,279,500 shares during the period. Hedge funds and other institutional investors own 42.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NGD. CIBC boosted their price target on New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Cibc World Mkts upgraded New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Scotiabank boosted their price target on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a report on Tuesday, September 17th. Finally, Royal Bank of Canada boosted their price target on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, New Gold currently has an average rating of “Buy” and an average target price of $3.08.

New Gold Stock Performance

Shares of NGD stock opened at $2.76 on Friday. The business’s fifty day simple moving average is $2.81. The firm has a market capitalization of $2.18 billion, a P/E ratio of 138.50 and a beta of 1.30. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.98 and a current ratio of 1.42. New Gold Inc. has a 12-month low of $1.09 and a 12-month high of $3.25.

New Gold (NYSE:NGD) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $252.00 million for the quarter. New Gold had a return on equity of 8.56% and a net margin of 2.33%. On average, equities analysts forecast that New Gold Inc. will post 0.15 earnings per share for the current year.

New Gold 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.