Pinpoint Asset Management Singapore Pte. Ltd. Cuts Stock Position in New Gold Inc. $NGD

Pinpoint Asset Management Singapore Pte. Ltd. trimmed its holdings in New Gold Inc. (NYSE:NGD) by 76.8% during the 3rd quarter, Holdings Channel.com reports. The fund 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 reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NGD. Arrowstreet Capital Limited Partnership lifted its holdings in New Gold by 89.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company’s stock worth $143,011,000 after purchasing an additional 13,591,642 shares in the last quarter. Vanguard Group Inc. increased its holdings in New Gold by 1,531.2% in the 3rd quarter. Vanguard Group Inc. now owns 11,468,982 shares of the company’s stock valued at $82,164,000 after acquiring an additional 10,765,902 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in New Gold by 86.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 11,465,579 shares of the company’s stock worth $56,755,000 after purchasing an additional 5,314,473 shares in the last quarter. Sprott Inc. grew its position in shares of New Gold by 496.4% during the third quarter. Sprott Inc. now owns 4,244,795 shares of the company’s stock valued at $30,478,000 after purchasing an additional 3,533,035 shares in the last quarter. Finally, Cubist Systematic Strategies LLC increased its holdings in shares of New Gold by 872.4% in the second quarter. Cubist Systematic Strategies LLC now owns 3,673,684 shares of the company’s stock worth $18,211,000 after purchasing an additional 3,295,905 shares during the last quarter. Institutional investors own 42.82% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Zacks Research raised New Gold from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 27th. Scotiabank increased their target price on New Gold to $12.75 and gave the company an “outperform” rating in a research report on Monday, January 26th. Finally, TD Securities upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $8.18.

New Gold Trading Up 0.4%

NGD stock opened at $11.21 on Monday. New Gold Inc. has a twelve month low of $2.73 and a twelve month high of $13.63. The stock has a market capitalization of $8.88 billion, a price-to-earnings ratio of 86.24 and a beta of 0.57. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The firm’s fifty day simple moving average is $10.96 and its two-hundred day simple moving average is $8.48.

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.