New Gold (NYSEAMERICAN:NGD) Sees Strong Trading Volume

New Gold Inc. (NYSEAMERICAN:NGD) shares saw an uptick in trading volume on Friday . 2,661,523 shares traded hands during trading, a decline of 55% from the previous session’s volume of 5,923,692 shares.The stock last traded at $1.91 and had previously closed at $1.84.

Analyst Upgrades and Downgrades

NGD has been the topic of several recent research reports. StockNews.com downgraded New Gold from a “buy” rating to a “hold” rating in a report on Sunday, January 14th. Scotiabank boosted their price target on New Gold from $1.65 to $2.00 and gave the stock a “sector perform” rating in a report on Monday, April 8th. Finally, National Bank Financial reaffirmed a “sector perform spec overwgt” rating on shares of New Gold in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, New Gold currently has an average rating of “Hold” and a consensus target price of $1.64.

New Gold Stock Performance

The company has a current ratio of 1.54, a quick ratio of 0.98 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $1.24 billion, a PE ratio of -20.00, a price-to-earnings-growth ratio of 0.98 and a beta of 1.54.

New Gold (NYSEAMERICAN:NGD) last posted its quarterly earnings results on Tuesday, February 13th. The basic materials company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). The firm had revenue of $199.20 million for the quarter. New Gold had a positive return on equity of 5.63% and a negative net margin of 8.20%. On average, analysts predict that New Gold Inc. will post 0.05 EPS for the current year.

Institutional Investors Weigh In On New Gold

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its holdings in shares of New Gold by 47.4% in the first quarter. Bank of New York Mellon Corp now owns 43,611 shares of the basic materials company’s stock valued at $78,000 after purchasing an additional 14,033 shares in the last quarter. Citigroup Inc. lifted its stake in New Gold by 127.1% during the 1st quarter. Citigroup Inc. now owns 22,707 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 12,707 shares in the last quarter. BlackRock Inc. boosted its holdings in New Gold by 21.6% during the 1st quarter. BlackRock Inc. now owns 135,863 shares of the basic materials company’s stock worth $245,000 after acquiring an additional 24,155 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of New Gold by 11.3% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,053,210 shares of the basic materials company’s stock worth $1,912,000 after acquiring an additional 106,563 shares in the last quarter. Finally, Cibc World Market Inc. raised its holdings in shares of New Gold by 47.4% in the first quarter. Cibc World Market Inc. now owns 498,214 shares of the basic materials company’s stock valued at $897,000 after purchasing an additional 160,141 shares during the last quarter. 42.82% of the stock is owned by institutional investors.

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.