Renaissance Technologies LLC Acquires 2,399,200 Shares of New Gold Inc. (NYSE:NGD)

Renaissance Technologies LLC increased its stake in New Gold Inc. (NYSE:NGD) by 13.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 20,111,264 shares of the company’s stock after purchasing an additional 2,399,200 shares during the quarter. Renaissance Technologies LLC owned approximately 2.54% of New Gold worth $39,217,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in shares of New Gold by 9.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company’s stock worth $4,670,000 after buying an additional 200,799 shares during the period. Rathbones Group PLC purchased a new position in New Gold during the second quarter valued at approximately $36,000. State of New Jersey Common Pension Fund D bought a new position in shares of New Gold in the second quarter worth approximately $246,000. Headlands Technologies LLC bought a new position in shares of New Gold in the second quarter worth approximately $366,000. Finally, Monaco Asset Management SAM increased its stake in shares of New Gold by 8.6% in the second quarter. Monaco Asset Management SAM now owns 440,000 shares of the company’s stock worth $858,000 after purchasing an additional 35,000 shares in the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on NGD. Royal Bank of Canada upped their target price on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. StockNews.com cut New Gold from a “buy” rating to a “hold” rating in a research report on Friday, September 13th. CIBC boosted their price target on New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Scotiabank increased their price objective on shares of New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a report on Tuesday. Finally, BMO Capital Markets started coverage on shares of New Gold in a report on Friday, May 31st. They issued an “outperform” rating and a $3.50 target price on the stock. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $2.74.

New Gold Price Performance

Shares of NGD opened at $2.99 on Thursday. 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 stock has a market cap of $2.36 billion, a PE ratio of -29.90 and a beta of 1.29. New Gold Inc. has a 1 year low of $0.86 and a 1 year high of $3.20. The business’s 50 day moving average price is $2.41.

New Gold (NYSE:NGD) last released 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 negative net margin of 2.53% and a positive return on equity of 5.22%. The company had revenue of $218.20 million for the quarter. On average, sell-side analysts expect that New Gold Inc. will post 0.14 earnings per share 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.