Independent Family Office LLC Buys Shares of 84,114 New Gold Inc. (NYSE:NGD)

Independent Family Office LLC acquired a new stake in shares of New Gold Inc. (NYSE:NGD) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 84,114 shares of the company’s stock, valued at approximately $242,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. CANADA LIFE ASSURANCE Co lifted its stake in New Gold by 198.7% in the first quarter. CANADA LIFE ASSURANCE Co now owns 247,527 shares of the company’s stock valued at $416,000 after buying an additional 164,664 shares in the last quarter. Morton Capital Management LLC CA boosted its holdings in New Gold by 23.3% during the second quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock worth $52,000 after purchasing an additional 5,000 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in New Gold during the second quarter worth $458,000. U S Global Investors Inc. boosted its holdings in New Gold by 3.3% during the second quarter. U S Global Investors Inc. now owns 2,993,831 shares of the company’s stock worth $6,260,000 after purchasing an additional 96,487 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in New Gold during the second quarter worth $365,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on NGD shares. Scotiabank increased their target price on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, Royal Bank of Canada upped their price target on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $3.41.

New Gold Price Performance

New Gold stock traded up $0.11 during trading hours on Tuesday, reaching $2.83. 913,049 shares of the stock were exchanged, compared to its average volume of 8,214,187. The company has a market cap of $2.24 billion, a P/E ratio of 136.00 and a beta of 1.32. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. New Gold Inc. has a twelve month low of $1.09 and a twelve month high of $3.25. The stock has a 50 day moving average of $2.81 and a two-hundred day moving average of $2.47.

New Gold (NYSE:NGD) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The firm had revenue of $252.00 million for the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. Equities analysts expect that New Gold Inc. will post 0.18 EPS for the current fiscal year.

New Gold Company 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.