New Gold (NGD) Trading Up 5.1%

Shares of New Gold Inc (NYSEAMERICAN:NGD) were up 5.1% during mid-day trading on Thursday . The company traded as high as $0.83 and last traded at $0.82. Approximately 3,898,038 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 4,803,554 shares. The stock had previously closed at $0.78.

NGD has been the subject of several research analyst reports. Zacks Investment Research upgraded New Gold from a “strong sell” rating to a “hold” rating in a research report on Saturday, September 8th. Canaccord Genuity downgraded New Gold from a “buy” rating to a “sell” rating in a research report on Thursday, July 26th. National Bank Financial downgraded New Gold from an “outperform spec overweight” rating to a “sector perform spec overwgt” rating in a research report on Wednesday, August 8th. Royal Bank of Canada decreased their target price on New Gold from $1.25 to $1.00 and set an “underperform” rating for the company in a research report on Wednesday, September 26th. Finally, JPMorgan Chase & Co. downgraded New Gold from a “neutral” rating to an “underweight” rating in a research report on Wednesday, August 8th. Four equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. New Gold currently has an average rating of “Hold” and an average target price of $2.02.

The company has a debt-to-equity ratio of 0.42, a current ratio of 2.28 and a quick ratio of 1.38.

Several large investors have recently added to or reduced their stakes in the company. Bank of Montreal Can increased its stake in shares of New Gold by 35.9% during the third quarter. Bank of Montreal Can now owns 7,629,428 shares of the basic materials company’s stock valued at $6,052,000 after buying an additional 2,014,172 shares during the period. Exor Investments UK LLP increased its stake in shares of New Gold by 43.0% during the third quarter. Exor Investments UK LLP now owns 16,717,997 shares of the basic materials company’s stock valued at $13,262,000 after buying an additional 5,028,121 shares during the period. Schroder Investment Management Group increased its stake in shares of New Gold by 249.0% during the second quarter. Schroder Investment Management Group now owns 3,120,271 shares of the basic materials company’s stock valued at $7,009,000 after buying an additional 2,226,280 shares during the period. Global X Management Co LLC increased its stake in shares of New Gold by 38.8% during the second quarter. Global X Management Co LLC now owns 721,946 shares of the basic materials company’s stock valued at $1,504,000 after buying an additional 201,824 shares during the period. Finally, Saba Capital Management L.P. increased its stake in shares of New Gold by 15.8% during the second quarter. Saba Capital Management L.P. now owns 1,728,037 shares of the basic materials company’s stock valued at $3,594,000 after buying an additional 235,750 shares during the period. Institutional investors and hedge funds own 51.53% of the company’s stock.

About New Gold (NYSEAMERICAN:NGD)

New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the New Afton project located near Kamloops, British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

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