New Gold Inc. (NYSE:NGD) Position Increased by Monaco Asset Management SAM

Monaco Asset Management SAM lifted its holdings in New Gold Inc. (NYSE:NGD) by 8.6% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 440,000 shares of the company’s stock after buying an additional 35,000 shares during the quarter. Monaco Asset Management SAM’s holdings in New Gold were worth $858,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of NGD. Van ECK Associates Corp raised its stake in New Gold by 8.4% during the first quarter. Van ECK Associates Corp now owns 72,499,714 shares of the company’s stock worth $123,249,000 after acquiring an additional 5,613,145 shares during the period. Hillsdale Investment Management Inc. raised its position in shares of New Gold by 222.4% during the 4th quarter. Hillsdale Investment Management Inc. now owns 16,216,173 shares of the company’s stock worth $23,508,000 after purchasing an additional 11,186,898 shares during the period. Invenomic Capital Management LP lifted its holdings in shares of New Gold by 19.6% in the 4th quarter. Invenomic Capital Management LP now owns 10,101,164 shares of the company’s stock worth $14,748,000 after purchasing an additional 1,654,396 shares during the last quarter. TD Asset Management Inc boosted its position in New Gold by 33.5% during the 4th quarter. TD Asset Management Inc now owns 4,694,483 shares of the company’s stock valued at $6,836,000 after purchasing an additional 1,178,194 shares during the period. Finally, Heartland Advisors Inc. grew its stake in New Gold by 7.1% during the 4th quarter. Heartland Advisors Inc. now owns 3,750,000 shares of the company’s stock worth $5,475,000 after buying an additional 250,000 shares during the last quarter. 42.82% of the stock is owned by institutional investors and hedge funds.

New Gold Price Performance

New Gold stock opened at $2.37 on Tuesday. New Gold Inc. has a 12-month low of $0.86 and a 12-month high of $2.73. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $1.87 billion, a PE ratio of -23.70 and a beta of 1.29. The company has a 50 day moving average of $2.32.

New Gold (NYSE:NGD) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. New Gold had a positive return on equity of 5.22% and a negative net margin of 2.53%. The firm had revenue of $218.20 million during the quarter. On average, analysts forecast that New Gold Inc. will post 0.14 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on NGD. TD Securities upgraded New Gold from a “sell” rating to a “hold” rating in a research note on Tuesday, May 21st. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. National Bank Financial upgraded shares of New Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 17th. CIBC boosted their price objective on New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. Finally, BMO Capital Markets assumed coverage on New Gold in a research report on Friday, May 31st. They issued an “outperform” rating and a $3.50 target price on the stock. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $2.49.

New Gold Company 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.