Louisbourg Investments Inc. Decreases Stock Position in New Gold Inc. $NGD

Louisbourg Investments Inc. trimmed its stake in shares of New Gold Inc. (NYSE:NGD) by 10.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 614,100 shares of the company’s stock after selling 71,600 shares during the quarter. Louisbourg Investments Inc. owned 0.08% of New Gold worth $4,398,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Employees Retirement System of Texas purchased a new position in shares of New Gold in the 2nd quarter valued at about $32,000. SBI Securities Co. Ltd. raised its holdings in New Gold by 1,837.7% in the second quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock valued at $44,000 after acquiring an additional 8,472 shares in the last quarter. Wealthspire Advisors LLC purchased a new position in New Gold in the second quarter worth approximately $50,000. Tradition Wealth Management LLC acquired a new position in New Gold during the 1st quarter worth approximately $56,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in New Gold by 16,046.6% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 11,787 shares of the company’s stock worth $58,000 after acquiring an additional 11,714 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Up 5.6%

New Gold stock opened at $8.82 on Friday. The company has a market capitalization of $6.98 billion, a P/E ratio of 67.85 and a beta of 0.65. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. New Gold Inc. has a fifty-two week low of $2.43 and a fifty-two week high of $9.01. The stock has a 50-day simple moving average of $7.38 and a 200-day simple moving average of $6.11.

Analysts Set New Price Targets

NGD has been the subject of several recent analyst reports. CIBC lifted 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 research note on Thursday, October 30th. Raymond James Financial reaffirmed a “market perform” rating and set a $7.00 price objective on shares of New Gold in a research report on Friday, October 10th. Scotiabank increased their price objective on New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd. Finally, TD Securities raised New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Monday, December 1st. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, New Gold currently has a consensus rating of “Buy” and an average price target of $7.38.

About New Gold

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.