Riggs Asset Managment Co. Inc. Makes New Investment in New Gold Inc. (NYSE:NGD)

Riggs Asset Managment Co. Inc. bought a new position in shares of New Gold Inc. (NYSE:NGD - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 307,495 shares of the company's stock, valued at approximately $1,141,000.

A number of other institutional investors have also made changes to their positions in NGD. SIH Partners LLLP bought a new position in shares of New Gold in the fourth quarter worth $27,000. Tudor Investment Corp ET AL bought a new position in shares of New Gold in the fourth quarter worth $27,000. Samalin Investment Counsel LLC bought a new position in shares of New Gold in the fourth quarter worth $32,000. Schonfeld Strategic Advisors LLC bought a new position in shares of New Gold in the fourth quarter worth $39,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of New Gold in the fourth quarter worth $43,000. 42.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NGD has been the topic of a number of recent analyst reports. Wall Street Zen upgraded New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Raymond James Financial upgraded New Gold to a "hold" rating and set a $4.00 target price on the stock in a research report on Monday, June 30th. Bank of America raised New Gold from an "underperform" rating to a "buy" rating and lifted their price target for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. National Bank Financial raised New Gold to a "strong-buy" rating in a research note on Friday, March 21st. Finally, CIBC lifted their target price on New Gold from $3.40 to $4.75 and gave the stock an "outperformer" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $4.13.

New Gold Stock Up 0.4%

Shares of NYSE NGD traded up $0.02 during midday trading on Wednesday, hitting $4.76. 10,765,895 shares of the stock traded hands, compared to its average volume of 15,140,922. The company has a market cap of $3.77 billion, a PE ratio of 36.62 and a beta of 0.45. New Gold Inc. has a one year low of $1.94 and a one year high of $5.16. The business has a 50 day moving average price of $4.49 and a two-hundred day moving average price of $3.54. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.

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.