Allspring Global Investments Holdings LLC Has $13.85 Million Stock Holdings in New Gold Inc. $NGD

Key Points

• Allspring Global Investments Holdings LLC increased its stake in New Gold Inc. by 12.6%, owning approximately 2,783,000 shares worth $13.85 million as of its latest SEC filing.
• The stock has seen a decline of 7.1%, with a current price of $6.96 and a market capitalization of $5.51 billion.
• Analysts have raised their price targets, with CIBC setting a new target of $9.50 and a consensus rating of "Buy" among several analysts.

Allspring Global Investments Holdings LLC boosted its stake in New Gold Inc. (NYSE:NGD - Free Report) by 12.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,783,000 shares of the company's stock after purchasing an additional 312,000 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.35% of New Gold worth $13,845,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Invesco Ltd. grew its holdings in New Gold by 16.9% in the first quarter. Invesco Ltd. now owns 15,761,737 shares of the company's stock worth $58,476,000 after purchasing an additional 2,280,732 shares during the period. American Century Companies Inc. grew its holdings in New Gold by 23.7% in the first quarter. American Century Companies Inc. now owns 15,149,653 shares of the company's stock worth $56,033,000 after purchasing an additional 2,898,895 shares during the period. JGP Global Gestao de Recursos Ltda. grew its holdings in New Gold by 64.4% in the first quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company's stock worth $39,652,000 after purchasing an additional 4,187,997 shares during the period. Amundi grew its holdings in New Gold by 42.2% in the first quarter. Amundi now owns 8,356,029 shares of the company's stock worth $29,580,000 after purchasing an additional 2,478,303 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of New Gold by 74.9% in the first quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company's stock valued at $23,923,000 after buying an additional 2,760,692 shares in the last quarter. 42.82% of the stock is currently owned by institutional investors and hedge funds.

New Gold Stock Down 7.1%

NGD opened at $6.96 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The company's 50-day moving average is $6.36 and its 200 day moving average is $4.97. New Gold Inc. has a fifty-two week low of $2.43 and a fifty-two week high of $7.59. The firm has a market capitalization of $5.51 billion, a P/E ratio of 53.54 and a beta of 0.46.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. CIBC raised their price objective on shares of New Gold from $6.50 to $9.50 and gave the company an "outperformer" rating in a research note on Friday, October 10th. Raymond James Financial reaffirmed a "market perform" rating and issued a $7.00 price objective on shares of New Gold in a research note on Friday, October 10th. Finally, National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a research note on Tuesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $5.81.

New Gold 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.

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