PKO Investment Management Joint Stock Co Sells 83,000 Shares of New Gold Inc. $NGD

PKO Investment Management Joint Stock Co trimmed its position in shares of New Gold Inc. (NYSE:NGD) by 23.7% during the 3rd quarter, Holdings Channel reports. The fund owned 267,000 shares of the company’s stock after selling 83,000 shares during the period. PKO Investment Management Joint Stock Co’s holdings in New Gold were worth $1,914,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Arrowstreet Capital Limited Partnership raised its stake in New Gold by 89.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company’s stock valued at $143,011,000 after purchasing an additional 13,591,642 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of New Gold by 3.0% in the 2nd quarter. American Century Companies Inc. now owns 15,610,823 shares of the company’s stock worth $77,586,000 after buying an additional 461,170 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of New Gold by 86.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 11,465,579 shares of the company’s stock valued at $56,755,000 after buying an additional 5,314,473 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of New Gold by 74.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company’s stock valued at $23,923,000 after acquiring an additional 2,760,692 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its position in New Gold by 872.4% in the second quarter. Cubist Systematic Strategies LLC now owns 3,673,684 shares of the company’s stock worth $18,211,000 after acquiring an additional 3,295,905 shares in the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Stock Up 5.5%

Shares of New Gold stock opened at $10.55 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The company has a market cap of $8.35 billion, a P/E ratio of 81.16 and a beta of 0.62. The firm’s 50 day moving average price is $8.12 and its 200-day moving average price is $6.63. New Gold Inc. has a 52-week low of $2.60 and a 52-week high of $10.79.

Analyst Ratings Changes

Several brokerages have weighed in on NGD. National Bankshares reissued an “outperform” rating on shares of New Gold in a research note on Thursday, October 30th. CIBC boosted their target price on New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research report on Friday, October 10th. Raymond James Financial restated a “market perform” rating and issued a $7.00 price target on shares of New Gold in a research report on Friday, October 10th. Scotiabank boosted their price objective on shares of New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a research report on Thursday, October 23rd. Finally, TD Securities upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a report on Monday, December 1st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $7.38.

New Gold Profile

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.