Pekin Hardy Strauss Inc. Boosts Stock Position in New Gold Inc. (NYSE:NGD)

Pekin Hardy Strauss Inc. grew its stake in shares of New Gold Inc. (NYSE:NGD) by 43.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 262,750 shares of the company’s stock after acquiring an additional 80,000 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in New Gold were worth $757,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Scientech Research LLC purchased a new stake in New Gold during the 2nd quarter valued at about $28,000. Coppell Advisory Solutions Corp. bought a new position in shares of New Gold in the first quarter worth approximately $30,000. Allworth Financial LP grew its holdings in shares of New Gold by 941.8% during the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after buying an additional 9,418 shares during the last quarter. Eastern Bank bought a new stake in shares of New Gold during the third quarter valued at approximately $33,000. Finally, Rathbones Group PLC purchased a new position in New Gold in the 2nd quarter worth approximately $36,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Royal Bank of Canada increased their target price on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Finally, Scotiabank boosted their price target on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research note on Tuesday, September 17th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, New Gold has an average rating of “Buy” and an average target price of $3.08.

New Gold Price Performance

NYSE NGD opened at $2.83 on Monday. The business’s fifty day moving average is $2.86 and its 200 day moving average is $2.43. New Gold Inc. has a fifty-two week low of $1.09 and a fifty-two week high of $3.25. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The company has a market capitalization of $2.24 billion, a PE ratio of 25.73 and a beta of 1.31.

New Gold (NYSE:NGD) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. The firm had revenue of $252.00 million for the quarter. New Gold had a return on equity of 9.38% and a net margin of 2.33%. Sell-side analysts predict that New Gold Inc. will post 0.18 earnings per share for the current year.

New Gold Company 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.