Invesco Ltd. Acquires Shares of 3,217,226 New Gold Inc (NYSEAMERICAN:NGD)

Invesco Ltd. acquired a new stake in shares of New Gold Inc (NYSEAMERICAN:NGD) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 3,217,226 shares of the basic materials company’s stock, valued at approximately $3,093,000. Invesco Ltd. owned 0.56% of New Gold at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in NGD. Canada Pension Plan Investment Board lifted its stake in shares of New Gold by 88.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 3,027,147 shares of the basic materials company’s stock valued at $2,942,000 after purchasing an additional 1,417,900 shares during the period. Renaissance Technologies LLC lifted its stake in shares of New Gold by 44.7% in the 2nd quarter. Renaissance Technologies LLC now owns 13,764,730 shares of the basic materials company’s stock valued at $13,232,000 after purchasing an additional 4,249,390 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of New Gold by 87.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,338,034 shares of the basic materials company’s stock valued at $2,097,000 after purchasing an additional 1,087,652 shares during the period. Brave Asset Management Inc. lifted its stake in shares of New Gold by 15.6% in the 2nd quarter. Brave Asset Management Inc. now owns 126,000 shares of the basic materials company’s stock valued at $121,000 after purchasing an additional 17,000 shares during the period. Finally, Swiss National Bank lifted its stake in shares of New Gold by 4.6% in the 2nd quarter. Swiss National Bank now owns 1,084,262 shares of the basic materials company’s stock valued at $1,051,000 after purchasing an additional 47,500 shares during the period. Institutional investors and hedge funds own 51.53% of the company’s stock.

New Gold stock opened at $0.94 on Tuesday. New Gold Inc has a 52-week low of $0.61 and a 52-week high of $1.56. The company has a fifty day simple moving average of $1.20 and a 200-day simple moving average of $0.98.

New Gold (NYSEAMERICAN:NGD) last announced its quarterly earnings data on Thursday, August 1st. The basic materials company reported ($0.01) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.01. The firm had revenue of $155.10 million during the quarter, compared to analysts’ expectations of $166.10 million.

NGD has been the subject of several analyst reports. Raymond James set a $1.25 target price on shares of New Gold and gave the company a “market perform” rating in a research note on Friday, August 2nd. Zacks Investment Research cut shares of New Gold from a “buy” rating to a “hold” rating in a research note on Wednesday, September 18th. BidaskClub cut shares of New Gold from a “buy” rating to a “hold” rating in a research note on Saturday, August 31st. Canaccord Genuity reiterated a “hold” rating on shares of New Gold in a research note on Friday, July 19th. Finally, Royal Bank of Canada upgraded shares of New Gold from an “underperform” rating to a “sector perform” rating and boosted their target price for the company from $1.00 to $1.30 in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $1.10.

New Gold Company Profile

New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the Rainy River project located in Ontario, Canada; the New Afton project located near Kamloops, British Columbia, Canada; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

Further Reading: What moving averages are used to define a golden cross?

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Institutional Ownership by Quarter for New Gold (NYSEAMERICAN:NGD)

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