U S Global Investors Inc. Reduces Stock Position in New Gold Inc. (NYSE:NGD)

U S Global Investors Inc. lessened its position in New Gold Inc. (NYSE:NGD) by 11.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,226,244 shares of the company’s stock after selling 286,782 shares during the period. New Gold accounts for 0.5% of U S Global Investors Inc.’s investment portfolio, making the stock its 26th biggest position. U S Global Investors Inc. owned approximately 0.28% of New Gold worth $5,521,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of NGD. Allworth Financial LP grew its stake in shares of New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after purchasing an additional 9,418 shares during the last quarter. DGS Capital Management LLC purchased a new stake in New Gold in the 4th quarter worth approximately $30,000. Atria Wealth Solutions Inc. bought a new stake in shares of New Gold in the 4th quarter worth approximately $87,000. Bank of New York Mellon Corp increased its stake in shares of New Gold by 11.9% during the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock valued at $125,000 after buying an additional 5,331 shares during the period. Finally, Captrust Financial Advisors raised its holdings in shares of New Gold by 17.6% during the third quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock valued at $129,000 after acquiring an additional 6,700 shares in the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

New Gold Stock Performance

Shares of New Gold stock opened at $2.70 on Friday. New Gold Inc. has a 12 month low of $1.12 and a 12 month high of $3.25. The firm has a market capitalization of $2.14 billion, a P/E ratio of 20.77 and a beta of 1.36. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The business has a fifty day simple moving average of $2.78 and a two-hundred day simple moving average of $2.77.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NGD. CIBC reduced their price objective on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research report on Thursday. Scotiabank boosted their price target on shares of New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 13th. One analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $3.60.

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.