New Gold (NYSE:NGD) Cut to Hold at StockNews.com

New Gold (NYSE:NGD) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Thursday.

Other research analysts also recently issued research reports about the company. National Bank Financial restated a “sector perform spec overwgt” rating on shares of New Gold in a research note on Monday, April 8th. Scotiabank increased their price target on shares of New Gold from $1.65 to $2.00 and gave the company a “sector perform” rating in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, New Gold presently has an average rating of “Hold” and an average target price of $1.64.

New Gold Price Performance

NYSE NGD opened at $1.87 on Thursday. The company has a quick ratio of 0.89, a current ratio of 1.51 and a debt-to-equity ratio of 0.54. New Gold has a 12 month low of $0.86 and a 12 month high of $1.95. The firm has a market capitalization of $1.29 billion, a P/E ratio of -18.70, a P/E/G ratio of 0.36 and a beta of 1.53.

New Gold (NYSE:NGD) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. New Gold had a negative net margin of 9.81% and a positive return on equity of 5.23%. The company had revenue of $192.10 million for the quarter. On average, analysts anticipate that New Gold will post 0.14 earnings per share for the current year.

Institutional Trading of New Gold

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Heartland Advisors Inc. purchased a new position in New Gold during the 3rd quarter valued at about $3,185,000. Deutsche Bank AG boosted its position in shares of New Gold by 24.6% in the third quarter. Deutsche Bank AG now owns 2,824,635 shares of the company’s stock valued at $2,570,000 after acquiring an additional 556,765 shares during the period. Ingalls & Snyder LLC grew its stake in New Gold by 116.6% during the fourth quarter. Ingalls & Snyder LLC now owns 123,842 shares of the company’s stock valued at $181,000 after acquiring an additional 66,667 shares in the last quarter. Mackenzie Financial Corp increased its holdings in New Gold by 346.6% during the 4th quarter. Mackenzie Financial Corp now owns 9,635,055 shares of the company’s stock worth $13,968,000 after acquiring an additional 7,477,711 shares during the period. Finally, Van ECK Associates Corp lifted its stake in New Gold by 2.7% in the 4th quarter. Van ECK Associates Corp now owns 66,886,569 shares of the company’s stock worth $97,655,000 after purchasing an additional 1,775,882 shares in the last quarter. 42.82% of the stock is currently owned by institutional investors.

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.