Allspring Global Investments Holdings LLC Grows Stake in New Gold Inc. (NYSE:NGD)

Allspring Global Investments Holdings LLC lifted its stake in shares of New Gold Inc. (NYSE:NGD) by 684.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,466,500 shares of the company’s stock after purchasing an additional 1,279,500 shares during the period. Allspring Global Investments Holdings LLC owned about 0.19% of New Gold worth $4,255,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the business. Morton Capital Management LLC CA grew its position in shares of New Gold by 23.3% in the 2nd quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock valued at $52,000 after buying an additional 5,000 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in shares of New Gold by 15.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 47,722 shares of the company’s stock worth $93,000 after acquiring an additional 6,252 shares during the period. Kohmann Bosshard Financial Services LLC lifted its stake in shares of New Gold by 34.6% in the 3rd quarter. Kohmann Bosshard Financial Services LLC now owns 35,000 shares of the company’s stock worth $101,000 after acquiring an additional 9,000 shares during the period. Cubist Systematic Strategies LLC lifted its stake in shares of New Gold by 7.2% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 179,209 shares of the company’s stock worth $354,000 after acquiring an additional 11,995 shares during the period. Finally, Scientech Research LLC acquired a new stake in shares of New Gold in the second quarter valued at about $28,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

New Gold Stock Performance

NYSE:NGD opened at $2.86 on Tuesday. The stock has a 50 day moving average price of $2.80. New Gold Inc. has a 52 week low of $1.09 and a 52 week high of $3.25. The firm has a market capitalization of $2.26 billion, a P/E ratio of -28.55 and a beta of 1.30. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52.

New Gold (NYSE:NGD) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $218.20 million during the quarter. As a group, sell-side analysts forecast that New Gold Inc. will post 0.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

NGD has been the subject of a number of recent research reports. Royal Bank of Canada lifted their price target 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. Cibc World Mkts upgraded shares of New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. Scotiabank lifted their price target on shares of New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research report on Tuesday, September 17th. CIBC boosted their target price on shares of New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. Finally, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, New Gold has a consensus rating of “Buy” and an average target price of $3.08.

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.