New Gold (NYSE:NGD) Lowered to Hold at StockNews.com

New Gold (NYSE:NGD) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

NGD has been the subject of a number of other reports. Scotiabank increased 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. CIBC raised their target price on New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. Royal Bank of Canada boosted their price target on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Finally, Cibc World Mkts upgraded shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $2.74.

New Gold Stock Up 4.9 %

NGD stock opened at $3.02 on Thursday. The business has a 50-day moving average of $2.73. The firm has a market capitalization of $2.39 billion, a P/E ratio of -30.20 and a beta of 1.30. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52. New Gold has a fifty-two week low of $1.03 and a fifty-two week high of $3.25.

New Gold (NYSE:NGD) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $218.20 million during the quarter. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. Equities analysts anticipate that New Gold will post 0.15 EPS for the current year.

Institutional Investors Weigh In On New Gold

Hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its holdings in New Gold by 9.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company’s stock worth $4,670,000 after buying an additional 200,799 shares during the period. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of New Gold in the 1st quarter valued at approximately $1,074,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of New Gold in the 2nd quarter valued at approximately $458,000. Pekin Hardy Strauss Inc. purchased a new position in New Gold during the 2nd quarter worth approximately $356,000. Finally, Headlands Technologies LLC purchased a new position in New Gold during the 2nd quarter worth approximately $366,000. 42.82% of the stock is owned by hedge funds and other 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.