Oppenheimer & Close LLC Has $4.10 Million Stock Position in New Gold Inc. (NYSE:NGD)

Oppenheimer & Close LLC lowered its position in shares of New Gold Inc. (NYSE:NGD) by 2.3% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,653,580 shares of the company’s stock after selling 39,290 shares during the quarter. New Gold comprises 3.4% of Oppenheimer & Close LLC’s holdings, making the stock its 11th biggest position. Oppenheimer & Close LLC owned 0.21% of New Gold worth $4,101,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of NGD. DGS Capital Management LLC acquired a new stake in shares of New Gold during the fourth quarter worth $30,000. Samalin Investment Counsel LLC acquired a new stake in shares of New Gold during the fourth quarter worth $32,000. Generali Investments CEE investicni spolecnost a.s. acquired a new stake in shares of New Gold during the fourth quarter worth $74,000. Atria Wealth Solutions Inc. acquired a new stake in shares of New Gold during the fourth quarter worth $87,000. Finally, Daiwa Securities Group Inc. acquired a new stake in shares of New Gold during the fourth quarter worth $103,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Down 3.3 %

NGD stock opened at $3.22 on Friday. New Gold Inc. has a 52 week low of $1.56 and a 52 week high of $3.48. 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 business has a 50-day simple moving average of $2.93 and a 200 day simple moving average of $2.82. The company has a market cap of $2.55 billion, a PE ratio of 24.77 and a beta of 1.35.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on NGD shares. CIBC dropped their target price on New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a report on Thursday, February 27th. Scotiabank boosted their price target on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research note on Thursday, February 13th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $3.60.

New Gold Profile

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.