Pinpoint Asset Management Singapore Pte. Ltd. Sells 129,638 Shares of New Gold Inc. $NGD

Pinpoint Asset Management Singapore Pte. Ltd. lessened its stake in New Gold Inc. (NYSE:NGD) by 76.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,238 shares of the company’s stock after selling 129,638 shares during the period. Pinpoint Asset Management Singapore Pte. Ltd.’s holdings in New Gold were worth $282,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Creative Planning grew its holdings in shares of New Gold by 8.1% in the second quarter. Creative Planning now owns 27,575 shares of the company’s stock worth $136,000 after acquiring an additional 2,071 shares during the period. TD Waterhouse Canada Inc. boosted its position in New Gold by 8.9% in the third quarter. TD Waterhouse Canada Inc. now owns 25,942 shares of the company’s stock worth $189,000 after purchasing an additional 2,129 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of New Gold by 0.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 473,856 shares of the company’s stock valued at $2,342,000 after purchasing an additional 2,679 shares during the period. Global Retirement Partners LLC increased its position in shares of New Gold by 190.7% during the 3rd quarter. Global Retirement Partners LLC now owns 7,031 shares of the company’s stock valued at $50,000 after purchasing an additional 4,612 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in shares of New Gold during the 3rd quarter valued at about $41,000. 42.82% of the stock is owned by institutional investors.

New Gold Trading Up 0.4%

New Gold stock opened at $11.21 on Monday. The firm has a 50 day moving average of $10.96 and a 200 day moving average of $8.48. The firm has a market capitalization of $8.88 billion, a price-to-earnings ratio of 86.24 and a beta of 0.57. New Gold Inc. has a 12-month low of $2.73 and a 12-month high of $13.63. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on NGD shares. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Monday, December 1st. Scotiabank upped their target price on shares of New Gold to $12.75 and gave the company an “outperform” rating in a report on Monday, January 26th. Finally, Zacks Research upgraded shares of New Gold from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $8.18.

New Gold Profile

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.