New Gold Inc. (NGD) Shares Bought by Saba Capital Management L.P.

Saba Capital Management L.P. lifted its holdings in shares of New Gold Inc. (NYSEAMERICAN:NGD) by 51.1% during the 1st quarter, Holdings Channel reports. The firm owned 1,492,287 shares of the basic materials company’s stock after purchasing an additional 504,900 shares during the period. Saba Capital Management L.P.’s holdings in New Gold were worth $3,850,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in NGD. Neuberger Berman Group LLC lifted its stake in shares of New Gold by 114.0% during the first quarter. Neuberger Berman Group LLC now owns 61,775 shares of the basic materials company’s stock valued at $159,000 after acquiring an additional 32,913 shares during the period. Natixis acquired a new position in shares of New Gold during the first quarter valued at $189,000. Paloma Partners Management Co lifted its stake in shares of New Gold by 76.8% during the fourth quarter. Paloma Partners Management Co now owns 80,001 shares of the basic materials company’s stock valued at $263,000 after acquiring an additional 34,753 shares during the period. Commonwealth Equity Services LLC lifted its stake in shares of New Gold by 26.6% during the first quarter. Commonwealth Equity Services LLC now owns 103,765 shares of the basic materials company’s stock valued at $267,000 after acquiring an additional 21,800 shares during the period. Finally, Shufro Rose & Co. LLC acquired a new position in shares of New Gold during the first quarter valued at $271,000. Institutional investors own 51.53% of the company’s stock.

New Gold opened at $2.11 on Thursday, MarketBeat reports. New Gold Inc. has a 1-year low of $2.06 and a 1-year high of $4.25. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.38 and a current ratio of 2.28.

New Gold (NYSEAMERICAN:NGD) last released its earnings results on Wednesday, April 25th. The basic materials company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.04). New Gold had a negative net margin of 92.82% and a negative return on equity of 32.21%. The company had revenue of $193.20 million during the quarter, compared to analyst estimates of $217.01 million. During the same period in the previous year, the company posted $0.02 EPS. The company’s quarterly revenue was up 55.2% compared to the same quarter last year. equities analysts predict that New Gold Inc. will post 0.05 earnings per share for the current fiscal year.

NGD has been the topic of several research reports. Raymond James cut their price target on New Gold from $4.25 to $3.75 and set a “market perform” rating on the stock in a research note on Thursday, February 22nd. Royal Bank of Canada cut their price target on New Gold from $3.75 to $3.50 and set a “sector perform” rating on the stock in a research note on Tuesday, February 27th. TD Securities cut their price target on New Gold from $5.00 to $4.50 and set a “buy” rating on the stock in a research note on Friday, April 27th. Credit Suisse Group raised New Gold from an “underperform” rating to a “neutral” rating and set a $3.30 price target on the stock in a research note on Tuesday, May 8th. Finally, Scotiabank raised New Gold from a “sector perform” rating to an “outperform” rating and set a $4.00 price target on the stock in a research note on Thursday, May 10th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $3.93.

New Gold Company Profile

New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the New Afton project located near Kamloops, British Columbia, Canada; the Mesquite mine located in Imperial County, California, the United States; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

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Institutional Ownership by Quarter for New Gold (NYSEAMERICAN:NGD)

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