CSM Advisors LLC Reduces Stock Holdings in New Gold Inc. $NGD

CSM Advisors LLC reduced its holdings in shares of New Gold Inc. (NYSE:NGD) by 14.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,096,727 shares of the company’s stock after selling 180,331 shares during the quarter. CSM Advisors LLC’s holdings in New Gold were worth $7,875,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NGD. Employees Retirement System of Texas acquired a new stake in New Gold in the second quarter worth about $32,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of New Gold during the third quarter valued at about $41,000. MAI Capital Management acquired a new position in shares of New Gold during the third quarter valued at about $43,000. SBI Securities Co. Ltd. raised its position in shares of New Gold by 1,837.7% in the 2nd quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock valued at $44,000 after purchasing an additional 8,472 shares during the last quarter. Finally, Wealthspire Advisors LLC purchased a new position in shares of New Gold in the 2nd quarter valued at approximately $50,000. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

New Gold Stock Down 6.9%

Shares of NGD stock opened at $9.98 on Friday. The stock’s 50-day simple moving average is $11.18 and its 200-day simple moving average is $8.65. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The firm has a market capitalization of $7.90 billion, a PE ratio of 76.78 and a beta of 0.57. New Gold Inc. has a fifty-two week low of $2.89 and a fifty-two week high of $13.63.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Monday, December 1st. Zacks Research raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 27th. Finally, Scotiabank lifted their price objective on shares of New Gold to $12.75 and gave the stock an “outperform” rating in a research note on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $8.18.

New Gold Company 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.