Cubist Systematic Strategies LLC Increases Stock Holdings in New Gold Inc. (NYSE:NGD)

Cubist Systematic Strategies LLC boosted its position in New Gold Inc. (NYSE:NGD - Free Report) by 235.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 502,407 shares of the company's stock after purchasing an additional 352,854 shares during the period. Cubist Systematic Strategies LLC owned about 0.06% of New Gold worth $1,248,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in NGD. Hillsdale Investment Management Inc. raised its stake in shares of New Gold by 97.1% in the fourth quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company's stock worth $23,657,000 after buying an additional 4,671,399 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of New Gold by 97.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock worth $14,742,000 after buying an additional 2,931,470 shares during the period. Renaissance Technologies LLC raised its stake in shares of New Gold by 11.6% in the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock worth $62,363,000 after buying an additional 2,619,782 shares during the period. Bank of Montreal Can raised its stake in shares of New Gold by 36.9% in the fourth quarter. Bank of Montreal Can now owns 9,703,381 shares of the company's stock worth $24,203,000 after buying an additional 2,613,285 shares during the period. Finally, Bank of America Corp DE raised its stake in shares of New Gold by 46.2% in the fourth quarter. Bank of America Corp DE now owns 7,925,231 shares of the company's stock worth $19,655,000 after buying an additional 2,504,157 shares during the period. Institutional investors own 42.82% of the company's stock.

Wall Street Analysts Forecast Growth

NGD has been the topic of several recent research reports. Scotiabank reaffirmed an "outperform" rating on shares of New Gold in a research note on Monday, April 14th. New Street Research set a $3.90 target price on New Gold in a research note on Wednesday, March 26th. StockNews.com raised New Gold from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. National Bank Financial raised New Gold to a "strong-buy" rating in a research note on Friday, March 21st. Finally, Bank of America raised New Gold from an "underperform" rating to a "buy" rating and lifted their target price for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $4.04.

New Gold Price Performance

NYSE NGD traded down $0.09 during trading on Friday, hitting $3.77. 30,248,313 shares of the stock traded hands, compared to its average volume of 13,077,783. The company has a market capitalization of $2.98 billion, a P/E ratio of 29.00 and a beta of 0.54. The firm has a 50-day simple moving average of $3.54 and a 200-day simple moving average of $3.03. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. New Gold Inc. has a 12-month low of $1.86 and a 12-month high of $4.21.

New Gold Company 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.