Montrusco Bolton Investments Inc. Has $15.98 Million Position in New Gold Inc. (NYSE:NGD)

Montrusco Bolton Investments Inc. lowered its holdings in New Gold Inc. (NYSE:NGD) by 16.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,507,760 shares of the company’s stock after selling 1,102,861 shares during the quarter. Montrusco Bolton Investments Inc. owned about 0.70% of New Gold worth $15,982,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of NGD. CANADA LIFE ASSURANCE Co boosted its holdings in New Gold by 198.7% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 247,527 shares of the company’s stock worth $416,000 after acquiring an additional 164,664 shares during the last quarter. Coppell Advisory Solutions Corp. purchased a new position in shares of New Gold in the 1st quarter worth about $30,000. Virtu Financial LLC boosted its holdings in shares of New Gold by 27.9% in the 1st quarter. Virtu Financial LLC now owns 180,386 shares of the company’s stock worth $307,000 after buying an additional 39,340 shares during the last quarter. Morton Capital Management LLC CA boosted its holdings in shares of New Gold by 23.3% in the 2nd quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock worth $52,000 after buying an additional 5,000 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of New Gold in the 2nd quarter worth about $458,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NGD has been the topic of a number of research analyst reports. Scotiabank boosted their price target on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a report on Tuesday, September 17th. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Finally, Royal Bank of Canada boosted their price objective on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research note on Tuesday, September 10th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, New Gold has a consensus rating of “Buy” and an average target price of $3.08.

New Gold Trading Down 1.6 %

Shares of NGD opened at $2.84 on Friday. The business’s 50-day moving average price is $2.86 and its 200-day moving average price is $2.42. New Gold Inc. has a twelve month low of $1.09 and a twelve month high of $3.25. The stock has a market cap of $2.24 billion, a PE ratio of 26.18 and a beta of 1.31. The company has a quick ratio of 0.84, a current ratio of 1.42 and a debt-to-equity ratio of 0.45.

New Gold (NYSE:NGD) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.04. New Gold had a return on equity of 9.38% and a net margin of 2.33%. The firm had revenue of $252.00 million for the quarter. On average, equities analysts forecast that New Gold Inc. will post 0.18 EPS for the current fiscal year.

New Gold Company 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.