UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Reduces Position in New Gold Inc. (NYSE:NGD)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC decreased its holdings in shares of New Gold Inc. (NYSE:NGD) by 7.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 903,289 shares of the company’s stock after selling 72,038 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.11% of New Gold worth $2,601,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of NGD. Scientech Research LLC purchased a new position in shares of New Gold in the 2nd quarter valued at $28,000. Allworth Financial LP grew its stake in New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after purchasing an additional 9,418 shares during the last quarter. Eastern Bank bought a new position in New Gold in the third quarter worth about $33,000. Rathbones Group PLC purchased a new stake in shares of New Gold during the second quarter valued at about $36,000. Finally, NorthCrest Asset Manangement LLC bought a new stake in shares of New Gold in the 3rd quarter valued at about $58,000. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

New Gold Stock Down 3.5 %

NGD stock opened at $2.77 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84. The firm’s fifty day simple moving average is $2.80 and its 200-day simple moving average is $2.52. New Gold Inc. has a 12 month low of $1.09 and a 12 month high of $3.25. The company has a market capitalization of $2.19 billion, a P/E ratio of 138.50 and a beta of 1.32.

New Gold (NYSE:NGD) last announced 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. New Gold had a return on equity of 9.38% and a net margin of 2.33%. The company had revenue of $252.00 million during the quarter. As a group, equities research analysts forecast that New Gold Inc. will post 0.18 earnings per share for the current year.

Wall Street Analyst Weigh In

NGD has been the subject of several recent analyst reports. Royal Bank of Canada boosted their price objective on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Scotiabank raised their price objective on New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. Finally, StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One investment 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 stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $3.41.

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.