307,495 Shares in New Gold Inc. (NYSE:NGD) Acquired by Riggs Asset Managment Co. Inc.

Riggs Asset Managment Co. Inc. purchased a new position in New Gold Inc. (NYSE:NGD - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 307,495 shares of the company's stock, valued at approximately $1,141,000.

A number of other institutional investors also recently modified their holdings of NGD. Bank of New York Mellon Corp raised its holdings in shares of New Gold by 11.9% in the 4th quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company's stock worth $125,000 after acquiring an additional 5,331 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of New Gold by 0.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company's stock valued at $2,258,000 after purchasing an additional 7,367 shares in the last quarter. Swiss National Bank increased its stake in New Gold by 0.6% in the 4th quarter. Swiss National Bank now owns 1,566,862 shares of the company's stock valued at $3,911,000 after buying an additional 9,500 shares during the last quarter. TD Waterhouse Canada Inc. increased its position in shares of New Gold by 11.6% during the fourth quarter. TD Waterhouse Canada Inc. now owns 92,967 shares of the company's stock valued at $230,000 after acquiring an additional 9,668 shares during the last quarter. Finally, SIH Partners LLLP bought a new stake in New Gold during the fourth quarter worth $27,000. 42.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NGD has been the subject of a number of recent research reports. Bank of America raised New Gold from an "underperform" rating to a "buy" rating and raised their target price for the stock from $2.60 to $3.90 in a research report on Wednesday, March 26th. National Bankshares reiterated an "outperform" rating on shares of New Gold in a report on Tuesday, June 24th. CIBC raised their target price on shares of New Gold from $3.40 to $4.75 and gave the company an "outperformer" rating in a research note on Thursday, May 8th. National Bank Financial upgraded New Gold to a "strong-buy" rating in a research note on Friday, March 21st. Finally, New Street Research set a $3.90 price target on shares of New Gold in a research report on Wednesday, March 26th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $4.13.

New Gold Price Performance

Shares of New Gold stock traded down $0.01 on Monday, reaching $4.99. The company's stock had a trading volume of 9,192,614 shares, compared to its average volume of 15,056,628. New Gold Inc. has a 52-week low of $1.94 and a 52-week high of $5.16. The company has a market capitalization of $3.95 billion, a P/E ratio of 38.35 and a beta of 0.45. 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 stock has a 50-day moving average price of $4.43 and a 200-day moving average price of $3.51.

About New Gold

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.