Geode Capital Management LLC Has $1.08 Million Position in New Gold Inc. (NYSE:NGD)

Geode Capital Management LLC increased its holdings in shares of New Gold Inc. (NYSE:NGD) by 2.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 372,373 shares of the company’s stock after purchasing an additional 7,394 shares during the period. Geode Capital Management LLC’s holdings in New Gold were worth $1,084,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Mackenzie Financial Corp lifted its stake in New Gold by 57.3% in the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock valued at $32,229,000 after buying an additional 5,948,394 shares in the last quarter. Van ECK Associates Corp increased its position in shares of New Gold by 5.0% during the third quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock worth $215,743,000 after acquiring an additional 3,541,882 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of New Gold by 9,360.7% during the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after acquiring an additional 2,664,153 shares during the period. Renaissance Technologies LLC lifted its position in New Gold by 13.5% in the 2nd quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock valued at $39,217,000 after acquiring an additional 2,399,200 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC acquired a new position in New Gold in the 3rd quarter worth $4,787,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

New Gold Trading Up 5.0 %

New Gold stock opened at $2.74 on Friday. The company has a market cap of $2.17 billion, a price-to-earnings ratio of 137.00 and a beta of 1.34. The firm has a 50-day moving average of $2.68 and a 200-day moving average of $2.59. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84. New Gold Inc. has a one year low of $1.09 and a one year high of $3.25.

New Gold (NYSE:NGD) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.04 by $0.04. The firm had revenue of $252.00 million during the quarter. New Gold had a return on equity of 9.38% and a net margin of 2.33%. On average, equities analysts expect that New Gold Inc. will post 0.18 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on NGD. StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Scotiabank increased their price objective on New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, New Gold presently has a consensus 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.