New Gold (NYSE:NGD) Lowered to Hold at StockNews.com

New Gold (NYSE:NGD) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

Other equities research analysts also recently issued research reports about the stock. TD Securities upgraded shares of New Gold from a “sell” rating to a “hold” rating in a research report on Tuesday, May 21st. BMO Capital Markets initiated coverage on New Gold in a report on Friday, May 31st. They issued an “outperform” rating and a $3.50 target price for the company. Scotiabank lifted 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. Cibc World Mkts raised New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. Finally, CIBC raised their price objective on New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $2.66.

New Gold Trading Up 7.3 %

Shares of New Gold stock traded up $0.21 on Friday, reaching $3.10. 21,281,212 shares of the company were exchanged, compared to its average volume of 7,779,715. New Gold has a fifty-two week low of $0.86 and a fifty-two week high of $3.12. The stock has a market cap of $2.45 billion, a price-to-earnings ratio of -31.00 and a beta of 1.29. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.50 and a quick ratio of 0.98. The business has a fifty day simple moving average of $2.36.

New Gold (NYSE:NGD) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter. On average, equities analysts anticipate that New Gold will post 0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Impala Asset Management LLC lifted its stake in New Gold by 9.2% in the second quarter. Impala Asset Management LLC now owns 1,092,000 shares of the company’s stock valued at $2,129,000 after acquiring an additional 92,000 shares during the last quarter. Scientech Research LLC bought a new position in shares of New Gold during the 2nd quarter valued at $28,000. Mackenzie Financial Corp lifted its stake in shares of New Gold by 57.3% in the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock valued at $32,229,000 after purchasing an additional 5,948,394 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in New Gold by 17.3% in the second quarter. The Manufacturers Life Insurance Company now owns 656,656 shares of the company’s stock worth $1,294,000 after purchasing an additional 96,617 shares in the last quarter. Finally, Millennium Management LLC increased its position in New Gold by 100.5% during the second quarter. Millennium Management LLC now owns 2,385,758 shares of the company’s stock worth $4,659,000 after buying an additional 1,195,830 shares during the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

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.