Allspring Global Investments Holdings LLC Has $9.14 Million Stock Position in New Gold Inc. (NYSE:NGD)

Allspring Global Investments Holdings LLC increased its holdings in shares of New Gold Inc. (NYSE:NGD - Free Report) by 68.0% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 2,471,000 shares of the company's stock after purchasing an additional 1,000,000 shares during the period. Allspring Global Investments Holdings LLC owned 0.31% of New Gold worth $9,137,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of NGD. Bank of New York Mellon Corp boosted its holdings in shares of New Gold by 11.9% during the fourth 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 period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings 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 worth $2,258,000 after acquiring an additional 7,367 shares during the period. Swiss National Bank boosted its holdings in shares of New Gold by 0.6% during the fourth quarter. Swiss National Bank now owns 1,566,862 shares of the company's stock worth $3,911,000 after acquiring an additional 9,500 shares during the period. TD Waterhouse Canada Inc. boosted its holdings 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 worth $230,000 after acquiring an additional 9,668 shares during the period. Finally, SIH Partners LLLP bought a new stake in shares of New Gold during the fourth quarter worth approximately $27,000. Institutional investors own 42.82% of the company's stock.

New Gold Price Performance

Shares of NYSE NGD traded up $0.04 during midday trading on Friday, reaching $4.94. The company's stock had a trading volume of 11,340,008 shares, compared to its average volume of 15,077,327. 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 Inc. has a fifty-two week low of $1.94 and a fifty-two week high of $5.16. The business's 50 day moving average price is $4.43 and its two-hundred day moving average price is $3.51. The company has a market cap of $3.91 billion, a P/E ratio of 38.03 and a beta of 0.45.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. National Bankshares restated an "outperform" rating on shares of New Gold in a report on Tuesday, June 24th. Wall Street Zen upgraded New Gold from a "hold" rating to a "buy" rating in a report on Friday, May 9th. National Bank Financial upgraded New Gold to a "strong-buy" rating in a report on Friday, March 21st. Bank of America upgraded New Gold from an "underperform" rating to a "buy" rating and boosted their price objective for the stock from $2.60 to $3.90 in a report on Wednesday, March 26th. Finally, Scotiabank restated an "outperform" rating on shares of New Gold in a report on Monday, April 14th. One 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's stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $4.13.

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.