TSP Capital Management Group LLC Raises Stake in New Gold Inc. (NGD)
TSP Capital Management Group LLC increased its stake in New Gold Inc. (NYSE:NGD) by 10.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,480,500 shares of the company’s stock after buying an additional 146,000 shares during the period. New Gold comprises about 2.2% of TSP Capital Management Group LLC’s portfolio, making the stock its 20th largest position. TSP Capital Management Group LLC owned 0.26% of New Gold worth $4,708,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. World Asset Management Inc increased its position in New Gold by 6.8% in the second quarter. World Asset Management Inc now owns 33,894 shares of the company’s stock valued at $108,000 after buying an additional 2,162 shares during the last quarter. First Manhattan Co. bought a new position in New Gold during the second quarter valued at about $135,000. Two Sigma Securities LLC bought a new position in New Gold during the first quarter valued at about $166,000. Comerica Bank increased its position in New Gold by 5.9% in the first quarter. Comerica Bank now owns 63,328 shares of the company’s stock valued at $176,000 after buying an additional 3,513 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in New Gold by 47.4% in the first quarter. SG Americas Securities LLC now owns 68,607 shares of the company’s stock valued at $204,000 after buying an additional 22,068 shares during the last quarter.
Shares of New Gold Inc. (NYSE:NGD) opened at 3.73 on Tuesday. The company has a market cap of $2.15 billion and a PE ratio of 38.45. New Gold Inc. has a 1-year low of $2.39 and a 1-year high of $5.70. The company has a 50-day moving average of $3.25 and a 200-day moving average of $3.04.
New Gold (NYSE:NGD) last announced its quarterly earnings results on Wednesday, July 26th. The company reported $0.02 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.02. New Gold had a net margin of 12.45% and a return on equity of 4.03%. The firm had revenue of $185.60 million for the quarter, compared to the consensus estimate of $181.17 million. During the same period in the prior year, the firm posted ($0.02) earnings per share. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. Equities analysts forecast that New Gold Inc. will post $0.06 EPS for the current year.
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Several research analysts have recently issued reports on the stock. Royal Bank Of Canada restated a “hold” rating and set a $3.50 price objective on shares of New Gold in a report on Tuesday, May 16th. Zacks Investment Research upgraded shares of New Gold from a “sell” rating to a “hold” rating in a report on Thursday, July 27th. National Bank Financial upgraded shares of New Gold from a “sector perform” rating to an “outperform” rating in a report on Monday, July 24th. Finally, Raymond James Financial, Inc. restated a “market perform” rating and set a $3.50 price objective on shares of New Gold in a report on Thursday, June 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. New Gold currently has an average rating of “Hold” and an average target price of $3.79.
About New Gold
New Gold Inc is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile.
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