TSP Capital Management Group LLC Has $28.55 Million Stock Position in New Gold Inc. $NGD

TSP Capital Management Group LLC trimmed its position in shares of New Gold Inc. (NYSE:NGD) by 12.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,976,626 shares of the company’s stock after selling 549,100 shares during the period. New Gold accounts for approximately 7.6% of TSP Capital Management Group LLC’s investment portfolio, making the stock its biggest position. TSP Capital Management Group LLC owned approximately 0.50% of New Gold worth $28,552,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. U S Global Investors Inc. increased its stake in shares of New Gold by 262.9% during the 3rd quarter. U S Global Investors Inc. now owns 998,054 shares of the company’s stock worth $7,166,000 after purchasing an additional 723,054 shares during the last quarter. Global Retirement Partners LLC increased its position in New Gold by 190.7% during the third quarter. Global Retirement Partners LLC now owns 7,031 shares of the company’s stock worth $50,000 after buying an additional 4,612 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in New Gold by 9.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,033,000 shares of the company’s stock valued at $21,723,000 after buying an additional 250,000 shares during the period. Blue Trust Inc. bought a new stake in New Gold in the third quarter valued at approximately $561,000. Finally, Corient Private Wealth LLC acquired a new stake in shares of New Gold in the second quarter valued at approximately $278,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on NGD shares. Scotiabank increased their price target on New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a research note on Thursday, October 23rd. National Bankshares reiterated an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Raymond James Financial restated a “market perform” rating and set a $7.00 target price on shares of New Gold in a research note on Friday, October 10th. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a report on Monday, December 1st. Finally, CIBC increased their price target on shares of New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, New Gold presently has an average rating of “Buy” and a consensus target price of $7.38.

New Gold Trading Down 1.7%

Shares of New Gold stock opened at $8.56 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The firm has a 50-day moving average of $7.79 and a 200-day moving average of $6.42. New Gold Inc. has a 52-week low of $2.54 and a 52-week high of $9.59. The stock has a market cap of $6.78 billion, a PE ratio of 65.85 and a beta of 0.62.

New Gold Profile

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.