New Gold Inc. (NYSE:NGD) Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its stake in shares of New Gold Inc. (NYSE:NGD) by 7.4% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 903,289 shares of the company’s stock after selling 72,038 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in New Gold were worth $2,601,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NGD. Scientech Research LLC acquired a new position in New Gold during the second quarter worth about $28,000. Allworth Financial LP lifted its stake in New Gold by 941.8% in the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after purchasing an additional 9,418 shares in the last quarter. Eastern Bank acquired a new position in shares of New Gold during the 3rd quarter worth approximately $33,000. Rathbones Group PLC purchased a new stake in shares of New Gold in the second quarter valued at approximately $36,000. Finally, NorthCrest Asset Manangement LLC acquired a new stake in shares of New Gold in the third quarter valued at approximately $58,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Stock Performance

NYSE NGD opened at $2.77 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84. The company has a market cap of $2.19 billion, a P/E ratio of 138.50 and a beta of 1.32. The stock has a 50-day moving average of $2.80 and a two-hundred day moving average of $2.52. New Gold Inc. has a 1-year low of $1.09 and a 1-year high of $3.25.

New Gold (NYSE:NGD) last released its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The company had revenue of $252.00 million for the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. As a group, analysts anticipate that New Gold Inc. will post 0.18 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on NGD shares. StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Scotiabank raised their price objective on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. Finally, Royal Bank of Canada boosted their target price 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. One analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $3.41.

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.