New Gold (NYSEAMERICAN:NGD) was downgraded by research analysts at National Bank Financial from an “outperform spec overweight” rating to a “sector perform spec overwgt” rating in a research report issued to clients and investors on Wednesday.
NGD has been the subject of several other reports. TD Securities dropped their target price on shares of New Gold from $5.00 to $4.50 and set a “buy” rating for the company in a report on Friday, April 27th. Credit Suisse Group upgraded shares of New Gold from an “underperform” rating to a “neutral” rating and set a $3.30 target price for the company in a report on Tuesday, May 8th. Scotiabank upgraded shares of New Gold from a “sector perform” rating to an “outperform” rating and set a $4.00 target price for the company in a report on Thursday, May 10th. Zacks Investment Research downgraded shares of New Gold from a “hold” rating to a “strong sell” rating in a report on Thursday, June 28th. Finally, Canaccord Genuity downgraded shares of New Gold from a “buy” rating to a “sell” rating in a report on Thursday, July 26th. Five investment analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. The stock has an average rating of “Hold” and an average price target of $2.85.
New Gold stock traded down $0.02 during trading hours on Wednesday, reaching $1.12. 3,071,824 shares of the stock were exchanged, compared to its average volume of 5,039,303. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.38 and a current ratio of 2.28. New Gold has a 52-week low of $1.11 and a 52-week high of $4.25.
A number of hedge funds have recently made changes to their positions in the business. Exor Investments UK LLP acquired a new position in New Gold in the second quarter worth $24,315,000. Russell Investments Group Ltd. raised its stake in New Gold by 41.1% during the second quarter. Russell Investments Group Ltd. now owns 9,041,028 shares of the basic materials company’s stock worth $18,762,000 after acquiring an additional 2,633,328 shares in the last quarter. Millennium Management LLC raised its stake in New Gold by 2,583.0% during the first quarter. Millennium Management LLC now owns 1,697,213 shares of the basic materials company’s stock worth $4,379,000 after acquiring an additional 1,633,956 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of New Gold by 1.3% during the first quarter. Van ECK Associates Corp now owns 80,751,834 shares of the basic materials company’s stock worth $208,342,000 after purchasing an additional 1,046,319 shares during the last quarter. Finally, BNP Paribas Arbitrage SA grew its holdings in shares of New Gold by 111.4% during the second quarter. BNP Paribas Arbitrage SA now owns 1,664,496 shares of the basic materials company’s stock worth $3,462,000 after purchasing an additional 877,110 shares during the last quarter. 51.53% of the stock is currently owned by hedge funds and other institutional investors.
New Gold Company Profile
New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the New Afton project located near Kamloops, British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.
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