Ingalls & Snyder LLC Boosts Holdings in New Gold Inc. (NYSEAMERICAN:NGD)

Ingalls & Snyder LLC raised its position in shares of New Gold Inc. (NYSEAMERICAN:NGD) by 116.6% during the 4th quarter, Holdings Channel reports. The fund owned 123,842 shares of the basic materials company’s stock after purchasing an additional 66,667 shares during the period. Ingalls & Snyder LLC’s holdings in New Gold were worth $181,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Virtu Financial LLC purchased a new stake in shares of New Gold during the 1st quarter worth $33,000. Citigroup Inc. increased its stake in shares of New Gold by 127.1% in the first quarter. Citigroup Inc. now owns 22,707 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 12,707 shares during the period. Commonwealth Equity Services LLC acquired a new stake in shares of New Gold during the 3rd quarter worth approximately $25,000. CreativeOne Wealth LLC purchased a new position in New Gold in the second quarter valued at $33,000. Finally, Quantbot Technologies LP acquired a new position in shares of New Gold in the second quarter worth about $33,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Stock Down 2.2 %

Shares of NYSEAMERICAN NGD opened at $1.80 on Monday. New Gold Inc. has a 12-month low of $0.86 and a 12-month high of $1.94. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.54 and a quick ratio of 0.98. The stock has a market cap of $1.24 billion, a P/E ratio of -20.00, a price-to-earnings-growth ratio of 0.96 and a beta of 1.54.

New Gold (NYSEAMERICAN:NGD) last posted its quarterly earnings results on Tuesday, February 13th. The basic materials company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.03). New Gold had a negative net margin of 8.20% and a positive return on equity of 5.63%. The firm had revenue of $199.20 million during the quarter. As a group, research analysts forecast that New Gold Inc. will post 0.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. StockNews.com downgraded shares of New Gold from a “buy” rating to a “hold” rating in a research report on Sunday, January 14th. National Bank Financial reissued a “sector perform spec overwgt” rating on shares of New Gold in a research note on Monday, April 8th. Finally, Scotiabank boosted their target price on shares of New Gold from $1.65 to $2.00 and gave the stock a “sector perform” rating in a research note on Monday, April 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $1.64.

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.