New Gold Inc. (NYSE:NGD) (TSE:NGD) saw a large drop in short interest in the month of September. As of September 29th, there was short interest totalling 5,159,259 shares, a drop of 14.8% from the September 15th total of 6,057,217 shares. Based on an average daily trading volume, of 4,406,326 shares, the short-interest ratio is currently 1.2 days. Approximately 0.9% of the company’s shares are sold short.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its holdings in New Gold by 16.8% in the second quarter. JPMorgan Chase & Co. now owns 10,106,080 shares of the company’s stock valued at $32,137,000 after purchasing an additional 1,455,774 shares during the period. Evergreen Capital Management LLC increased its holdings in New Gold by 20.6% in the second quarter. Evergreen Capital Management LLC now owns 730,775 shares of the company’s stock valued at $2,324,000 after purchasing an additional 125,075 shares during the period. BlueMountain Capital Management LLC increased its holdings in New Gold by 2.7% in the second quarter. BlueMountain Capital Management LLC now owns 2,718,069 shares of the company’s stock valued at $8,643,000 after purchasing an additional 72,307 shares during the period. CIBC Asset Management Inc increased its holdings in New Gold by 13.3% in the second quarter. CIBC Asset Management Inc now owns 3,506,178 shares of the company’s stock valued at $11,126,000 after purchasing an additional 410,754 shares during the period. Finally, CIBC World Markets Inc. increased its holdings in New Gold by 20.1% in the second quarter. CIBC World Markets Inc. now owns 343,401 shares of the company’s stock valued at $1,092,000 after purchasing an additional 57,550 shares during the period.

Several equities research analysts have recently commented on the company. Zacks Investment Research raised New Gold from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Scotiabank lifted their target price on New Gold from $3.00 to $4.00 and gave the company a “sector perform” rating in a research note on Friday, September 29th. Royal Bank Of Canada reissued a “hold” rating and issued a $3.75 target price on shares of New Gold in a research note on Tuesday, June 13th. National Bank Financial raised New Gold from a “sector perform” rating to an “outperform” rating in a research note on Monday, July 24th. Finally, Credit Suisse Group lifted their target price on New Gold from $3.00 to $3.30 and gave the company a “neutral” rating in a research note on Friday, September 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. New Gold has an average rating of “Hold” and an average target price of $4.09.

Shares of New Gold (NGD) opened at 3.88 on Wednesday. New Gold has a 1-year low of $2.39 and a 1-year high of $4.52. The stock has a 50 day moving average price of $3.78 and a 200 day moving average price of $3.25. The firm has a market capitalization of $2.24 billion and a PE ratio of 40.00.

New Gold (NYSE:NGD) (TSE:NGD) last posted its quarterly earnings data on Wednesday, July 26th. The company reported $0.02 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.02. The business had revenue of $185.60 million during the quarter, compared to the consensus estimate of $181.17 million. New Gold had a return on equity of 4.03% and a net margin of 12.45%. New Gold’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.02) earnings per share. Equities research analysts anticipate that New Gold will post $0.06 earnings per share for the current fiscal year.

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About New Gold

New Gold Inc is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile.

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