JPMorgan Chase & Co. Decreases Position in New Gold Inc. (NYSE:NGD)

JPMorgan Chase & Co. reduced its stake in New Gold Inc. (NYSE:NGD) by 46.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,343,005 shares of the company’s stock after selling 2,057,900 shares during the period. JPMorgan Chase & Co. owned 0.30% of New Gold worth $6,748,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Scientech Research LLC acquired a new stake in shares of New Gold during the second quarter worth about $28,000. Allworth Financial LP increased its position in New Gold by 941.8% during the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after buying an additional 9,418 shares during the period. Eastern Bank purchased a new stake in New Gold in the third quarter valued at approximately $33,000. Rathbones Group PLC acquired a new stake in shares of New Gold in the second quarter valued at approximately $36,000. Finally, NorthCrest Asset Manangement LLC purchased a new position in shares of New Gold during the third quarter worth approximately $58,000. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $3.41.

New Gold Trading Down 1.4 %

Shares of NGD stock opened at $2.73 on Thursday. The company has a market capitalization of $2.16 billion, a P/E ratio of 136.50 and a beta of 1.34. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The business’s 50 day moving average is $2.68 and its two-hundred day moving average is $2.61. New Gold Inc. has a twelve month low of $1.09 and a twelve month high of $3.25.

New Gold (NYSE:NGD) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The firm had revenue of $252.00 million for the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. Equities analysts forecast that New Gold Inc. will post 0.18 EPS 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.