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

StockNews.com cut shares of New Gold (NYSE:NGD) from a buy rating to a hold rating in a research note issued to investors on Thursday morning.

NGD has been the topic of several other reports. Raymond James set a $4.00 price target on New Gold and gave the stock a “market perform” rating in a research note on Friday, April 4th. Bank of America upgraded shares of New Gold from an “underperform” rating to a “buy” rating and increased their price target for the stock from $2.60 to $3.90 in a research note on Wednesday, March 26th. New Street Research set a $3.90 price objective on shares of New Gold in a research note on Wednesday, March 26th. CIBC decreased their target price on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Finally, National Bankshares restated an “outperform” rating on shares of New Gold in a research note on Wednesday, April 2nd. Three research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, New Gold has an average rating of “Moderate Buy” and a consensus target price of $3.85.

New Gold Price Performance

NGD stock opened at $3.87 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. New Gold has a 1 year low of $1.74 and a 1 year high of $3.98. The firm has a 50-day moving average of $3.29 and a 200 day moving average of $2.96. The company has a market cap of $3.06 billion, a P/E ratio of 29.77 and a beta of 0.93.

Institutional Trading of New Gold

A number of institutional investors and hedge funds have recently modified their holdings of NGD. Geode Capital Management LLC lifted its holdings in shares of New Gold by 2.0% during the third quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock valued at $1,084,000 after purchasing an additional 7,394 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of New Gold during the 3rd quarter valued at about $941,000. Lord Abbett & CO. LLC purchased a new stake in shares of New Gold during the 3rd quarter valued at about $4,435,000. DGS Capital Management LLC bought a new stake in shares of New Gold in the fourth quarter worth approximately $30,000. Finally, Caprock Group LLC raised its holdings in shares of New Gold by 118.2% during the fourth quarter. Caprock Group LLC now owns 1,745,627 shares of the company’s stock valued at $4,329,000 after purchasing an additional 945,453 shares during the last quarter. Institutional investors own 42.82% of the company’s stock.

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.