Van ECK Associates Corp Purchases 1,775,882 Shares of New Gold Inc. (NYSEAMERICAN:NGD)

Van ECK Associates Corp lifted its position in New Gold Inc. (NYSEAMERICAN:NGD) by 2.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 66,886,569 shares of the basic materials company’s stock after buying an additional 1,775,882 shares during the period. Van ECK Associates Corp owned approximately 0.10% of New Gold worth $97,655,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in NGD. Mackenzie Financial Corp boosted its holdings in shares of New Gold by 346.6% in the fourth quarter. Mackenzie Financial Corp now owns 9,635,055 shares of the basic materials company’s stock valued at $13,968,000 after buying an additional 7,477,711 shares during the period. American Century Companies Inc. boosted its stake in New Gold by 1.0% in the 3rd quarter. American Century Companies Inc. now owns 5,095,417 shares of the basic materials company’s stock worth $4,669,000 after purchasing an additional 48,886 shares during the period. Heartland Advisors Inc. acquired a new position in New Gold in the 3rd quarter worth $3,185,000. U S Global Investors Inc. raised its stake in shares of New Gold by 22.5% in the 4th quarter. U S Global Investors Inc. now owns 3,144,658 shares of the basic materials company’s stock valued at $4,591,000 after purchasing an additional 577,757 shares during the period. Finally, Intact Investment Management Inc. lifted its holdings in shares of New Gold by 6.4% in the fourth quarter. Intact Investment Management Inc. now owns 2,970,000 shares of the basic materials company’s stock valued at $4,304,000 after purchasing an additional 177,800 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Down 4.4 %

NGD traded down $0.08 during midday trading on Tuesday, hitting $1.75. 2,549,219 shares of the company were exchanged, compared to its average volume of 6,269,358. New Gold Inc. has a 1-year low of $0.86 and a 1-year high of $1.94. The company has a market capitalization of $1.21 billion, a PE ratio of 26.00, a PEG ratio of 0.57 and a beta of 1.54. The company has a current ratio of 1.54, a quick ratio of 0.98 and a debt-to-equity ratio of 0.51.

New Gold (NYSEAMERICAN:NGD) last issued its earnings results on Tuesday, February 13th. The basic materials company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.03). The firm had revenue of $199.20 million during the quarter. New Gold had a negative net margin of 8.20% and a positive return on equity of 5.63%. On average, analysts anticipate that New Gold Inc. will post 0.09 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Scotiabank increased their price objective on New Gold from $1.65 to $2.00 and gave the stock a “sector perform” rating in a report on Monday, April 8th. StockNews.com downgraded New Gold from a “buy” rating to a “hold” rating in a research report on Sunday, January 14th. Finally, National Bank Financial reiterated a “sector perform spec overwgt” rating on shares of New Gold in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $1.64.

About New Gold

New Gold Inc, an intermediate gold mining company, develops and operates of mineral properties in Canada. It primarily explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interest in the Rainy River mine located in Northwestern Ontario, Canada; and New Afton project situated in South-Central British Columbia.