Hexavest Inc. Raises Stake in New Gold Inc. (NGD)
Hexavest Inc. boosted its stake in New Gold Inc. (NYSE:NGD) by 1,772.7% during the first quarter, Holdings Channel reports. The institutional investor owned 14,810,952 shares of the company’s stock after buying an additional 14,020,075 shares during the period. Hexavest Inc. owned 2.88% of New Gold worth $44,127,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Two Sigma Investments LP increased its position in New Gold by 1,274.0% in the fourth quarter. Two Sigma Investments LP now owns 660,911 shares of the company’s stock valued at $2,313,000 after buying an additional 612,811 shares in the last quarter. Investec Asset Management LTD increased its position in New Gold by 9.0% in the fourth quarter. Investec Asset Management LTD now owns 1,557,997 shares of the company’s stock valued at $5,472,000 after buying an additional 128,983 shares in the last quarter. Comerica Bank increased its position in 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 in the last quarter. FMR LLC increased its position in New Gold by 2.4% in the fourth quarter. FMR LLC now owns 14,990,759 shares of the company’s stock valued at $52,587,000 after buying an additional 348,600 shares in the last quarter. Finally, Saba Capital Management L.P. purchased a new position in New Gold during the fourth quarter valued at about $966,000.
New Gold Inc. (NYSE:NGD) traded down 1.25% on Thursday, reaching $3.16. The company’s stock had a trading volume of 6,670,788 shares. New Gold Inc. has a 12 month low of $2.39 and a 12 month high of $6.04. The firm’s 50 day moving average is $2.97 and its 200-day moving average is $3.48. The firm has a market cap of $1.62 billion and a P/E ratio of 632.00.
New Gold (NYSE:NGD) last issued its quarterly earnings results on Wednesday, February 15th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by $0.05. The firm had revenue of $170.30 million for the quarter, compared to the consensus estimate of $167.83 million. On average, equities research analysts anticipate that New Gold Inc. will post $0.04 EPS for the current year.
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NGD has been the topic of several research reports. Zacks Investment Research downgraded New Gold from a “hold” rating to a “sell” rating in a report on Thursday, February 2nd. Desjardins initiated coverage on New Gold in a report on Monday, March 13th. They set a “buy” rating on the stock. GMP Securities downgraded New Gold from a “buy” rating to a “hold” rating and set a $4.80 price objective on the stock. in a report on Tuesday, January 31st. They noted that the move was a valuation call. Credit Suisse Group AG initiated coverage on New Gold in a report on Thursday, March 16th. They set an “underperform” rating and a $3.00 price objective on the stock. Finally, Scotiabank raised New Gold from an “underperform” rating to a “sector perform” rating in a report on Thursday, February 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. New Gold currently has a consensus rating of “Hold” and an average target price of $3.90.
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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