Mudita Advisors LLP Decreases Stock Holdings in New Gold Inc. (NYSE:NGD)

Mudita Advisors LLP decreased its holdings in New Gold Inc. (NYSE:NGD) by 42.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,088,594 shares of the company’s stock after selling 815,900 shares during the period. New Gold makes up 1.7% of Mudita Advisors LLP’s portfolio, making the stock its 14th largest holding. Mudita Advisors LLP’s holdings in New Gold were worth $3,135,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. BNP Paribas Financial Markets raised its position in New Gold by 9,360.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after buying an additional 2,664,153 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of New Gold by 22.7% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 805,399 shares of the company’s stock valued at $2,337,000 after purchasing an additional 148,743 shares during the period. Dynamic Technology Lab Private Ltd grew its stake in shares of New Gold by 326.2% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 59,744 shares of the company’s stock valued at $172,000 after purchasing an additional 45,726 shares during the period. Pekin Hardy Strauss Inc. grew its stake in shares of New Gold by 43.8% during the 3rd quarter. Pekin Hardy Strauss Inc. now owns 262,750 shares of the company’s stock valued at $757,000 after purchasing an additional 80,000 shares during the period. Finally, CIBC Asset Management Inc grew its stake in shares of New Gold by 2.2% during the 3rd quarter. CIBC Asset Management Inc now owns 2,105,546 shares of the company’s stock valued at $6,105,000 after purchasing an additional 44,571 shares during the period. Hedge funds and other institutional investors own 42.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Royal Bank of Canada boosted their price target on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Finally, Scotiabank boosted their price target on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research note on Tuesday, September 17th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $3.08.

New Gold Trading Up 1.9 %

Shares of NYSE:NGD opened at $2.71 on Wednesday. The stock has a 50 day moving average of $2.85 and a 200 day moving average of $2.44. The company has a market cap of $2.14 billion, a PE ratio of 24.18 and a beta of 1.31. 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 12-month low of $1.09 and a 12-month high of $3.25.

New Gold (NYSE:NGD) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.04. New Gold had a return on equity of 9.38% and a net margin of 2.33%. The business had revenue of $252.00 million during the quarter. As a group, equities research analysts expect that New Gold Inc. will post 0.18 EPS for the current year.

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.