State of New Jersey Common Pension Fund D Has $220,000 Stake in New Gold Inc. (NYSE:NGD)

State of New Jersey Common Pension Fund D cut its position in New Gold Inc. (NYSE:NGD) by 39.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 76,498 shares of the company’s stock after selling 49,799 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in New Gold were worth $220,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in NGD. Scientech Research LLC bought a new stake in shares of New Gold during the 2nd quarter valued at approximately $28,000. Coppell Advisory Solutions Corp. acquired a new position in shares of New Gold during the 1st quarter valued at $30,000. Allworth Financial LP lifted its position in shares of New Gold by 941.8% during the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after acquiring an additional 9,418 shares during the period. Eastern Bank acquired a new position in shares of New Gold during the 3rd quarter valued at $33,000. Finally, Rathbones Group PLC acquired a new position in New Gold during the second quarter worth $36,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Royal Bank of Canada upped their price objective 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. Scotiabank upped their price objective on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. Finally, StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $3.08.

New Gold Price Performance

NGD opened at $2.79 on Wednesday. The firm has a market cap of $2.20 billion, a P/E ratio of 139.25 and a beta of 1.31. The firm has a 50-day moving average of $2.86 and a 200 day moving average of $2.41. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. New Gold Inc. has a fifty-two week low of $1.09 and a fifty-two week high of $3.25.

New Gold (NYSE:NGD) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.04. The company had revenue of $252.00 million during the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. On average, research analysts expect that New Gold Inc. will post 0.17 EPS for the current year.

About New Gold

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.