U S Global Investors Inc. Reduces Holdings in New Gold Inc.

U S Global Investors Inc. has decreased its stake in New Gold Inc. (NYSE: NGD) by 16.1% during the third quarter, as disclosed to the Securities and Exchange Commission. After selling 480,805 shares, the fund now holds 2,513,026 shares of New Gold. This investment represents about 0.7% of U S Global Investors' total portfolio, making New Gold its 26th largest position. As of the latest reporting period, U S Global Investors Inc. valued its holdings in New Gold at approximately $7,238,000.

In addition to U S Global Investors, several institutional investors and hedge funds have been active in trading shares of New Gold. Mackenzie Financial Corp increased its stake by 57.3% in the second quarter, now owning 16,328,086 shares worth $32,229,000 after acquiring an additional 5,948,394 shares. Similarly, Van ECK Associates Corp raised its position by 8.4% in the first quarter, bringing its total to 72,499,714 shares valued at $123,249,000 after adding 5,613,145 shares. Renaissance Technologies LLC also expanded its investment by 13.5%, ending up with 20,111,264 shares worth $39,217,000 after a purchase of 2,399,200 shares. Herr Investment Group LLC and CIBC Asset Management Inc. have also increased their stakes significantly during this period. Overall, hedge funds and institutional investors together hold about 42.82% of New Gold's stock.

New Gold Stock Analysis

On Tuesday, shares of New Gold traded up $0.08, reaching $3.05 with a total trading volume of 462,171 shares, which is lower than its average volume of 8,014,393. The company has a current ratio of 1.50, a quick ratio of 0.98, and a debt-to-equity ratio of 0.52. New Gold's fifty-day moving average stands at $2.76, with the stock having charted a 1-year low of $1.03 and a high of $3.25. Presently, the firm has a market capitalization of $2.41 billion and a price-to-earnings ratio of -29.65, alongside a beta of 1.30.

In its last quarterly earnings report on July 30, New Gold announced $0.02 earnings per share, which exceeded the consensus estimate of $0.01 by $0.01. The company reported revenue of $218.2 million during this quarter, reflecting a return on equity of 5.22% and a negative net margin of 2.53%. Analysts predict an EPS of 0.15 for New Gold for the current year.

Recent Analyst Ratings

An array of analysts recently provided updates regarding New Gold's stock. CIBC World Markets rated New Gold as a "strong buy" on July 10. Meanwhile, StockNews.com downgraded it from a "buy" to a "hold" rating on October 17. Royal Bank of Canada increased its target price from $3.00 to $3.50, giving the stock an "outperform" rating as of September 10. Scotiabank increased their price target from $2.75 to $3.25 and rated the stock as a "sector outperform" on September 17. CIBC also upgraded its price target, raising it from $3.00 to $3.40, following their earlier strong buy recommendation. Currently, the average rating for New Gold is "Moderate Buy" with an average target price of $2.74.

Company Background

New Gold Inc. is an intermediate gold mining company focused on exploring and operating mineral properties in Canada. The company primarily targets gold, silver, and copper deposits, with its main operating properties being the Rainy River mine located in Northwestern Ontario and the New Afton project in South-Central British Columbia.

Investors, Stock, Holdings