Franklin Resources Inc. Decreases Stake in New Gold Inc. (NYSE:NGD)

Franklin Resources Inc. decreased its holdings in shares of New Gold Inc. (NYSE:NGD) by 1.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 8,385,704 shares of the company’s stock after selling 85,000 shares during the quarter. Franklin Resources Inc.’s holdings in New Gold were worth $23,906,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Morton Capital Management LLC CA grew its stake in New Gold by 18.9% during the 3rd quarter. Morton Capital Management LLC CA now owns 31,494 shares of the company’s stock valued at $91,000 after acquiring an additional 5,000 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of New Gold by 15.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 47,722 shares of the company’s stock worth $93,000 after purchasing an additional 6,252 shares during the last quarter. Captrust Financial Advisors boosted its holdings in shares of New Gold by 17.6% during the 3rd quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock worth $129,000 after purchasing an additional 6,700 shares during the last quarter. Geode Capital Management LLC grew its position in shares of New Gold by 2.0% in the third quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock valued at $1,084,000 after purchasing an additional 7,394 shares in the last quarter. Finally, Kohmann Bosshard Financial Services LLC increased its holdings in shares of New Gold by 34.6% in the third quarter. Kohmann Bosshard Financial Services LLC now owns 35,000 shares of the company’s stock valued at $101,000 after purchasing an additional 9,000 shares during the last quarter. 42.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on NGD shares. StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Royal Bank of Canada upped their price objective on shares of New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Finally, Scotiabank raised their price objective on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $3.41.

New Gold Stock Performance

NYSE NGD opened at $2.48 on Friday. The stock has a market cap of $1.96 billion, a PE ratio of 124.00 and a beta of 1.32. New Gold Inc. has a twelve month low of $1.09 and a twelve month high of $3.25. The stock has a fifty day simple moving average of $2.79 and a 200-day simple moving average of $2.53. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45.

New Gold (NYSE:NGD) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $252.00 million during the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. Equities analysts anticipate that New Gold Inc. will post 0.18 earnings per share for the current year.

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.