New Gold Inc. $NGD Shares Acquired by Amundi

Key Points

• Amundi increased its stake in New Gold Inc. by 42.2% in the first quarter, owning a total of 8,356,029 shares worth approximately $29.58 million.
• New Gold's share price opened at $6.30, with a market cap of roughly $4.99 billion and a PE ratio of 48.47.
• Analysts have a favorable outlook on New Gold, with one rating it as a Strong Buy and an average price target of $4.38.

Amundi grew its stake in New Gold Inc. (NYSE:NGD - Free Report) by 42.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,356,029 shares of the company's stock after buying an additional 2,478,303 shares during the period. Amundi owned 1.06% of New Gold worth $29,580,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in NGD. Federation des caisses Desjardins du Quebec raised its holdings in shares of New Gold by 212.4% during the first quarter. Federation des caisses Desjardins du Quebec now owns 683,751 shares of the company's stock worth $2,530,000 after purchasing an additional 464,914 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of New Gold by 9.8% during the first quarter. Canada Pension Plan Investment Board now owns 2,690,100 shares of the company's stock worth $9,947,000 after purchasing an additional 240,000 shares during the last quarter. State of Wyoming purchased a new position in shares of New Gold during the first quarter worth $75,000. OMERS ADMINISTRATION Corp raised its holdings in shares of New Gold by 121.8% during the first quarter. OMERS ADMINISTRATION Corp now owns 48,800 shares of the company's stock worth $180,000 after purchasing an additional 26,800 shares during the last quarter. Finally, CreativeOne Wealth LLC purchased a new position in shares of New Gold during the first quarter worth $85,000. Hedge funds and other institutional investors own 42.82% of the company's stock.

Analyst Upgrades and Downgrades

NGD has been the subject of several recent research reports. Raymond James Financial raised shares of New Gold to a "hold" rating and set a $4.00 target price for the company in a report on Monday, June 30th. National Bankshares reissued an "outperform" rating on shares of New Gold in a report on Tuesday. Finally, CIBC raised their target price on shares of New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, New Gold has a consensus rating of "Buy" and a consensus target price of $4.56.

New Gold Stock Performance

NGD traded up $0.01 on Friday, reaching $6.54. The stock had a trading volume of 5,074,484 shares, compared to its average volume of 19,154,582. New Gold Inc. has a 12-month low of $2.43 and a 12-month high of $6.63. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The business's 50-day moving average price is $5.09 and its two-hundred day moving average price is $4.28. The company has a market cap of $5.17 billion, a P/E ratio of 50.27 and a beta of 0.43.

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.