Eschler Asset Management LLP Has $7.82 Million Stake in New Gold Inc. $NGD

Eschler Asset Management LLP raised its holdings in New Gold Inc. (NYSE:NGD) by 304.9% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,579,297 shares of the company’s stock after purchasing an additional 1,189,249 shares during the quarter. New Gold accounts for about 5.8% of Eschler Asset Management LLP’s holdings, making the stock its 5th biggest position. Eschler Asset Management LLP’s holdings in New Gold were worth $7,818,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Scotia Capital Inc. increased its holdings in shares of New Gold by 390.2% during the 2nd quarter. Scotia Capital Inc. now owns 174,019 shares of the company’s stock worth $857,000 after acquiring an additional 138,519 shares during the last quarter. Invenomic Capital Management LP boosted its position 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 purchasing an additional 52,360 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of New Gold by 12.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,783,000 shares of the company’s stock valued at $13,845,000 after purchasing an additional 312,000 shares during the last quarter. Quantbot Technologies LP increased its holdings in shares of New Gold by 493.5% in the second quarter. Quantbot Technologies LP now owns 1,034,473 shares of the company’s stock valued at $5,121,000 after purchasing an additional 860,174 shares during the last quarter. Finally, CSM Advisors LLC bought a new position in shares of New Gold in the second quarter valued at about $6,321,000. 42.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently commented on NGD. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a report on Monday, December 1st. CIBC raised their price objective on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research report on Friday, October 10th. National Bankshares restated an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Raymond James Financial reiterated a “market perform” rating and set a $7.00 target price on shares of New Gold in a research note on Friday, October 10th. Finally, Scotiabank boosted their price target on New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a research note on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, New Gold presently has an average rating of “Buy” and an average target price of $7.38.

New Gold Trading Down 2.0%

Shares of New Gold stock opened at $8.38 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. New Gold Inc. has a 12-month low of $2.43 and a 12-month high of $8.85. The company has a market capitalization of $6.63 billion, a price-to-earnings ratio of 64.47 and a beta of 0.65. The firm’s 50-day moving average price is $7.25 and its two-hundred day moving average price is $5.98.

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.