Journey Advisory Group LLC Has $3.01 Million Stake in New Gold Inc. $NGD

Journey Advisory Group LLC trimmed its position in shares of New Gold Inc. (NYSE:NGD) by 1.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 608,342 shares of the company’s stock after selling 11,118 shares during the period. Journey Advisory Group LLC owned 0.08% of New Gold worth $3,011,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Invenomic Capital Management LP increased its holdings in New Gold by 1.6% during the first quarter. Invenomic Capital Management LP now owns 3,411,752 shares of the company’s stock worth $12,658,000 after buying an additional 52,360 shares during the last quarter. Financial Sense Advisors Inc. acquired a new position in New Gold during the first quarter worth $652,000. Allspring Global Investments Holdings LLC increased its holdings in New Gold by 12.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,783,000 shares of the company’s stock worth $13,845,000 after buying an additional 312,000 shares during the last quarter. Foundry Partners LLC acquired a new position in New Gold during the first quarter worth $3,960,000. Finally, Impala Asset Management LLC increased its holdings in shares of New Gold by 47.1% in the first quarter. Impala Asset Management LLC now owns 1,000,000 shares of the company’s stock valued at $3,710,000 after purchasing an additional 320,000 shares during the last quarter. 42.82% of the stock is currently owned by institutional investors and hedge funds.

New Gold Trading Down 7.1%

NGD stock opened at $6.96 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The company’s 50-day simple moving average is $6.36 and its 200 day simple moving average is $4.99. New Gold Inc. has a 52 week low of $2.43 and a 52 week high of $7.59. The company has a market capitalization of $5.51 billion, a PE ratio of 53.54 and a beta of 0.46.

Analysts Set New Price Targets

Several research firms have commented on NGD. Raymond James Financial reiterated a “market perform” rating and issued a $7.00 price objective on shares of New Gold in a report on Friday, October 10th. CIBC upped their price objective on shares of New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a report on Friday, October 10th. Finally, National Bankshares reiterated an “outperform” rating on shares of New Gold in a report on Tuesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, New Gold presently has an average rating of “Buy” and a consensus target price of $5.81.

New Gold Profile

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.