OppenheimerFunds Inc. decreased its position in shares of New Gold Inc. (NYSE:NGD) by 94.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 200,000 shares of the company’s stock after selling 3,310,000 shares during the period. OppenheimerFunds Inc.’s holdings in New Gold were worth $596,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Van ECK Associates Corp increased its stake in shares of New Gold by 15.0% in the first quarter. Van ECK Associates Corp now owns 46,313,044 shares of the company’s stock worth $138,013,000 after buying an additional 6,032,337 shares in the last quarter. Comerica Bank increased its position in shares of New Gold by 8.5% in the fourth quarter. Comerica Bank now owns 59,815 shares of the company’s stock valued at $243,000 after buying an additional 4,707 shares during the last quarter. Norges Bank acquired a new position in shares of New Gold during the fourth quarter valued at about $11,605,000. Profund Advisors LLC increased its position in shares of New Gold by 10.9% in the first quarter. Profund Advisors LLC now owns 99,309 shares of the company’s stock valued at $296,000 after buying an additional 9,739 shares during the last quarter. Finally, Ingalls & Snyder LLC increased its position in shares of New Gold by 1.3% in the first quarter. Ingalls & Snyder LLC now owns 8,519,410 shares of the company’s stock valued at $25,388,000 after buying an additional 107,020 shares during the last quarter.
Shares of New Gold Inc. (NYSE NGD) traded down 0.59% on Tuesday, hitting $3.38. The stock had a trading volume of 4,128,535 shares. The company has a market capitalization of $1.95 billion and a PE ratio of 34.85. New Gold Inc. has a 1-year low of $2.39 and a 1-year high of $6.04. The firm has a 50-day moving average of $3.08 and a 200 day moving average of $3.06.
New Gold (NYSE:NGD) last posted its quarterly earnings results on Wednesday, July 26th. The company reported $0.02 EPS for the quarter, meeting the consensus estimate of $0.02. New Gold had a net margin of 22.12% and a return on equity of 6.89%. The business had revenue of $185.60 million during the quarter, compared to analyst estimates of $181.17 million. During the same quarter in the previous year, the business posted ($0.02) EPS. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities analysts anticipate that New Gold Inc. will post $0.06 earnings per share for the current fiscal year.
Several equities research analysts have recently commented on the company. Zacks Investment Research lowered New Gold from a “buy” rating to a “hold” rating in a report on Saturday, July 1st. Royal Bank Of Canada restated a “hold” rating and issued a $3.75 price target on shares of New Gold in a report on Tuesday, June 13th. National Bank Financial upgraded New Gold from a “sector perform” rating to an “outperform” rating in a report on Monday, July 24th. Scotiabank reissued a “sector perform” rating and set a $3.00 price target on shares of New Gold in a research report on Wednesday, April 26th. Finally, Raymond James Financial, Inc. reissued a “market perform” rating and set a $3.50 price target on shares of New Gold in a research report on Thursday, June 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $3.79.
About New Gold
New Gold Inc is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile.
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