Pekin Hardy Strauss Inc. Acquires New Shares in New Gold Inc. (NYSE:NGD)

Pekin Hardy Strauss Inc. bought a new position in New Gold Inc. (NYSE:NGD) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 182,750 shares of the company’s stock, valued at approximately $356,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Morton Capital Management LLC CA raised its holdings in shares of New Gold by 23.3% during the second quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock valued at $52,000 after purchasing an additional 5,000 shares during the last quarter. Coppell Advisory Solutions Corp. purchased a new stake in New Gold during the 1st quarter valued at $30,000. Rathbones Group PLC bought a new position in shares of New Gold during the 2nd quarter valued at $36,000. Moloney Securities Asset Management LLC purchased a new position in shares of New Gold in the 1st quarter worth $42,000. Finally, Monaco Asset Management SAM grew its holdings 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 acquiring an additional 35,000 shares during the period. Institutional investors own 42.82% of the company’s stock.

New Gold Price Performance

Shares of NGD stock opened at $3.04 on Wednesday. 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 Inc. has a one year low of $0.86 and a one year high of $3.20. The company’s fifty day moving average price is $2.40. The company has a market cap of $2.40 billion, a P/E ratio of -30.35 and a beta of 1.29.

New Gold (NYSE:NGD) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $218.20 million for the quarter. Equities research analysts expect that New Gold Inc. will post 0.14 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NGD. Scotiabank increased their target price on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a report on Tuesday. CIBC boosted their target price on shares of New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Cibc World Mkts upgraded shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. BMO Capital Markets began coverage on shares of New Gold in a research note on Friday, May 31st. They set an “outperform” rating and a $3.50 price target on the stock. Finally, StockNews.com lowered New Gold from a “buy” rating to a “hold” rating in a research note on Friday, September 13th. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, New Gold currently has an average rating of “Moderate Buy” and an average target price of $2.74.

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.