First Manhattan Co. Purchases New Stake in New Gold Inc. (NGD)
First Manhattan Co. purchased a new position in New Gold Inc. (NYSE:NGD) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 42,500 shares of the company’s stock, valued at approximately $135,000.
Other institutional investors also recently bought and sold shares of the company. Van ECK Associates Corp increased its position in 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. Norges Bank bought a new position in New Gold during the fourth quarter worth $11,605,000. Profund Advisors LLC increased its position in New Gold by 10.9% in the first quarter. Profund Advisors LLC now owns 99,309 shares of the company’s stock worth $296,000 after buying an additional 9,739 shares in the last quarter. Balter Liquid Alternatives LLC bought a new position in New Gold during the first quarter worth $346,000. Finally, Ingalls & Snyder LLC increased its position in New Gold by 1.3% in the first quarter. Ingalls & Snyder LLC now owns 8,519,410 shares of the company’s stock worth $25,388,000 after buying an additional 107,020 shares in the last quarter.
New Gold Inc. (NYSE:NGD) opened at 3.42 on Friday. The stock has a 50 day moving average of $3.15 and a 200-day moving average of $3.03. New Gold Inc. has a 52 week low of $2.39 and a 52 week high of $5.87. The stock has a market cap of $1.97 billion and a P/E ratio of 35.26.
New Gold (NYSE:NGD) last posted its earnings results on Wednesday, July 26th. The company reported $0.02 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.02. The company had revenue of $185.60 million during the quarter, compared to the consensus estimate of $181.17 million. New Gold had a net margin of 12.45% and a return on equity of 4.03%. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.02) earnings per share. Analysts forecast that New Gold Inc. will post $0.06 earnings per share for the current year.
A number of equities analysts have weighed in on NGD shares. Royal Bank Of Canada set a $4.00 price target on shares of New Gold and gave the stock a “hold” rating in a research note on Tuesday, July 18th. Zacks Investment Research raised shares of New Gold from a “hold” rating to a “buy” rating and set a $3.25 target price on the stock in a research note on Tuesday, May 23rd. Scotiabank reissued a “sector perform” rating and issued a $3.00 target price on shares of New Gold in a research note on Wednesday, April 26th. Raymond James Financial, Inc. reissued a “market perform” rating and issued a $3.50 target price on shares of New Gold in a research note on Thursday, June 15th. Finally, TD Securities reissued a “buy” rating and issued a $5.00 target price on shares of New Gold in a research note on Friday, April 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. New Gold currently has a consensus rating of “Hold” and an average 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.
Want to see what other hedge funds are holding NGD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for New Gold Inc. (NYSE:NGD).
Receive News & Ratings for New Gold Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Gold Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.