Pekin Hardy Strauss Inc. Purchases 80,000 Shares of New Gold Inc. (NYSE:NGD)

Pekin Hardy Strauss Inc. raised its holdings in shares of New Gold Inc. (NYSE:NGD) by 43.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 262,750 shares of the company’s stock after acquiring an additional 80,000 shares during the period. Pekin Hardy Strauss Inc.’s holdings in New Gold were worth $757,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in NGD. Scientech Research LLC purchased a new position in shares of New Gold in the second quarter worth about $28,000. Coppell Advisory Solutions Corp. purchased a new position in New Gold in the 1st quarter worth approximately $30,000. Allworth Financial LP lifted its position in New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after purchasing an additional 9,418 shares during the last quarter. Eastern Bank bought a new stake in New Gold in the third quarter valued at approximately $33,000. Finally, Rathbones Group PLC purchased a new stake in shares of New Gold during the second quarter valued at approximately $36,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

New Gold Trading Down 1.7 %

NYSE:NGD opened at $2.83 on Monday. The company has a 50-day moving average price of $2.86 and a 200-day moving average price of $2.43. The stock has a market cap of $2.24 billion, a price-to-earnings ratio of 25.73 and a beta of 1.31. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. New Gold Inc. has a 12 month low of $1.09 and a 12 month high of $3.25.

New Gold (NYSE:NGD) last issued 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. New Gold had a net margin of 2.33% and a return on equity of 9.38%. The business had revenue of $252.00 million during the quarter. Equities analysts predict that New Gold Inc. will post 0.18 EPS for the current year.

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.