Van Eck Associates Corp. recently announced the acquisition of new stake in New Gold Inc (AMEX:NGD). The institutional investor has increased its shareholding in the Basic Materials company by 1.86% to 66.32 million shares with purchase of 1.21 million shares. This fresh investment now brings its stake to 9.69% valued currently at $96.83 million. In addition, AzValor Asset Management SGIIC SA raised its holdings by 1.68 million to 59.33 million shares. And Connor, Clark & Lunn Investment M has lifted its position by 0.01% or 2200.0 shares – to 16.04 million shares.
Currently, there are 682.28M common shares owned by the public and among those 681.86M shares have been available to trade.
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The top 3 mutual fund holders in New Gold Inc are azValor Internacional, FI, VanEck Gold Miners ETF, and VanEck Junior Gold Miners ETF. azValor Internacional, FI owns 49.22 million shares of the company’s stock, all valued at over $71.86 million. The company bought an additional 1.73 million shares recently to bring their total holdings to about 7.19% of the shares outstanding. VanEck Gold Miners ETF sold -0.34 million shares to see its total holdings shrink to 36.07 million shares valued at over $52.66 million and representing 5.27% of the shares outstanding. VanEck Junior Gold Miners ETF sold 21258.0 shares to bring its total holdings to over 24.56 million shares at a value of $35.86 million. VanEck Junior Gold Miners ETF now owns shares totaling to 3.59% of the shares outstanding.
However, the script later moved the day high at 1.2600, down -3.23%. The company’s stock has a 5-day price change of -2.44% and 7.14% over the past three months. NGD shares are trading -17.81% year to date (YTD), with the 12-month market performance up to 0.84% higher. It has a 12-month low price of $0.82 and touched a high of $1.61 over the same period. NGD has an average intraday trading volume of 3.72 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -10.51%, -12.66%, and 0.05% respectively.
Institutional ownership of New Gold Inc (AMEX: NGD) shares accounts for 43.95% of the company’s 682.28M shares outstanding. Mutual fund holders own 34.65%, while other institutional holders and individual stakeholders account for 9.46% and — respectively.
It has a market capitalization of $821.40M and a beta (3y monthly) value of 1.48. The earnings-per-share (ttm) stands at -$0.08. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.93% over the week and 4.59% over the month.
Analysts forecast that New Gold Inc (NGD) will achieve an EPS of $0.02 for the current quarter, $0.03 for the next quarter and $0.15 for 2024. The lowest estimate earnings-per-share for the quarter is $0.01 while analysts give the company a high EPS estimate of $0.05. Comparatively, EPS for the current quarter was -$0.01 a year ago. Earnings per share for the fiscal year are expected to increase by 344.82%, and 51.22% over the next financial year. EPS should shrink at an annualized rate of 5.00% over the next five years, compared to 12.51% over the past 5-year period.
Looking at the support for the NGD, a number of firms have released research notes about the stock. Scotiabank stated their Sector Perform rating for the stock in a research note on March 03, 2023, with the firm’s price target at $1.25.
