Sumitomo Mitsui Trust Group Inc. Grows Holdings in New Gold Inc. (NYSE:NGD)

Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of New Gold Inc. (NYSE:NGD) by 12.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 265,441 shares of the company’s stock after acquiring an additional 30,366 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in New Gold were worth $764,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Van ECK Associates Corp raised its stake in New Gold by 5.0% in the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after purchasing an additional 3,541,882 shares during the last quarter. Dimensional Fund Advisors LP raised its position in New Gold by 9.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company’s stock valued at $4,670,000 after purchasing an additional 200,799 shares in the last quarter. Old West Investment Management LLC raised its holdings in shares of New Gold by 42.9% in the 3rd quarter. Old West Investment Management LLC now owns 1,000,000 shares of the company’s stock valued at $2,880,000 after purchasing an additional 300,000 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in New Gold by 684.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,466,500 shares of the company’s stock valued at $4,255,000 after purchasing an additional 1,279,500 shares in the last quarter. Finally, DORCHESTER WEALTH MANAGEMENT Co acquired a new stake in New Gold during the 3rd quarter worth $592,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

Analyst Ratings Changes

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

New Gold Stock Performance

NGD opened at $2.79 on Wednesday. New Gold Inc. has a 1-year low of $1.09 and a 1-year high of $3.25. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of 139.25 and a beta of 1.31. The business has a 50 day moving average price of $2.86 and a two-hundred day moving average price of $2.41.

New Gold (NYSE:NGD) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, topping 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 during the quarter. Research analysts predict that New Gold Inc. will post 0.17 EPS for the current fiscal year.

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.