New Gold Inc. $NGD Shares Sold by Louisbourg Investments Inc.

Louisbourg Investments Inc. trimmed its stake in shares of New Gold Inc. (NYSE:NGD) by 10.4% in the third quarter, Holdings Channel reports. The fund owned 614,100 shares of the company’s stock after selling 71,600 shares during the period. Louisbourg Investments Inc.’s holdings in New Gold were worth $4,398,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of NGD. Employees Retirement System of Texas purchased a new stake in shares of New Gold during the second quarter worth approximately $32,000. SBI Securities Co. Ltd. grew its position in New Gold by 1,837.7% in the 2nd quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock valued at $44,000 after buying an additional 8,472 shares during the last quarter. Wealthspire Advisors LLC acquired a new position in New Gold in the 2nd quarter valued at $50,000. Caitong International Asset Management Co. Ltd raised its position 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 buying an additional 11,714 shares during the last quarter. Finally, Tradition Wealth Management LLC acquired a new stake in shares of New Gold in the 1st quarter worth $56,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

Wall Street Analysts Forecast Growth

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

New Gold Price Performance

NGD stock opened at $8.82 on Friday. The firm has a 50 day moving average of $7.38 and a 200-day moving average of $6.11. The company has a market cap of $6.98 billion, a price-to-earnings ratio of 67.85 and a beta of 0.65. The company has a current ratio of 1.39, a quick ratio of 0.84 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 $9.01.

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.