Invenomic Capital Management LP Sells 221,758 Shares of New Gold Inc. (NYSE:NGD)

Invenomic Capital Management LP cut its holdings in New Gold Inc. (NYSE:NGD) by 2.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,879,406 shares of the company’s stock after selling 221,758 shares during the period. Invenomic Capital Management LP owned 1.43% of New Gold worth $16,795,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Moloney Securities Asset Management LLC purchased a new stake in shares of New Gold during the 1st quarter valued at $42,000. Independent Family Office LLC purchased a new stake in shares of New Gold during the 4th quarter valued at $123,000. Baader Bank Aktiengesellschaft raised its position in shares of New Gold by 812.7% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 91,267 shares of the company’s stock valued at $132,000 after buying an additional 81,267 shares in the last quarter. Ingalls & Snyder LLC raised its position in shares of New Gold by 116.6% during the 4th quarter. Ingalls & Snyder LLC now owns 123,842 shares of the company’s stock valued at $181,000 after buying an additional 66,667 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of New Gold during the 4th quarter valued at $206,000. 42.82% of the stock is owned by institutional investors.

New Gold Trading Down 1.2 %

NYSE NGD traded down $0.02 during trading hours on Tuesday, hitting $2.06. 5,925,862 shares of the company’s stock traded hands, compared to its average volume of 7,530,928. The stock has a fifty day simple moving average of $2.09. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.51 and a quick ratio of 0.89. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -20.55 and a beta of 1.32. New Gold Inc. has a 52 week low of $0.86 and a 52 week high of $2.46.

New Gold (NYSE:NGD) last announced its earnings results on Tuesday, April 30th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. The company had revenue of $192.10 million during the quarter. New Gold had a negative net margin of 9.81% and a positive return on equity of 5.23%. On average, sell-side analysts expect that New Gold Inc. will post 0.14 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NGD. StockNews.com lowered shares of New Gold from a “buy” rating to a “hold” rating in a research note on Friday, May 31st. Scotiabank raised shares of New Gold from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the company from $2.00 to $2.25 in a research report on Tuesday, May 21st. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. TD Securities raised shares of New Gold from a “sell” rating to a “hold” rating in a research report on Tuesday, May 21st. Finally, National Bank Financial raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th. Four equities research analysts have rated the stock with a hold rating, two have issued 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 “Moderate Buy” and an average target price of $2.18.

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.