Amitell Capital Pte Ltd Sells 176,130 Shares of New Gold Inc. $NGD

Amitell Capital Pte Ltd reduced its holdings in shares of New Gold Inc. (NYSE:NGD) by 29.0% in the third quarter, HoldingsChannel.com reports. The fund owned 430,710 shares of the company’s stock after selling 176,130 shares during the quarter. New Gold accounts for 1.9% of Amitell Capital Pte Ltd’s holdings, making the stock its 19th biggest position. Amitell Capital Pte Ltd’s holdings in New Gold were worth $3,092,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership grew its holdings in shares of New Gold by 89.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company’s stock valued at $143,011,000 after buying an additional 13,591,642 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of New Gold by 1,531.2% in the third quarter. Vanguard Group Inc. now owns 11,468,982 shares of the company’s stock valued at $82,164,000 after buying an additional 10,765,902 shares during the period. JPMorgan Chase & Co. increased its stake in shares of New Gold by 86.4% in the second quarter. JPMorgan Chase & Co. now owns 11,465,579 shares of the company’s stock worth $56,755,000 after purchasing an additional 5,314,473 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in New Gold by 872.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 3,673,684 shares of the company’s stock worth $18,211,000 after purchasing an additional 3,295,905 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in New Gold by 74.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company’s stock worth $23,923,000 after acquiring an additional 2,760,692 shares during the period. 42.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NGD. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a report on Monday, December 1st. National Bank Financial restated an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Zacks Research raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 27th. Finally, Scotiabank upped their target price on shares of New Gold to $12.75 and gave the stock an “outperform” rating in a research note on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $8.18.

New Gold Price Performance

NYSE NGD opened at $12.19 on Thursday. New Gold Inc. has a 12 month low of $2.60 and a 12 month high of $13.63. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The company’s 50 day moving average is $10.51 and its two-hundred day moving average is $8.10. The stock has a market cap of $9.65 billion, a price-to-earnings ratio of 93.78 and a beta of 0.59.

New Gold Company 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.