BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Acquires 150,388 Shares of New Gold Inc. $NGD

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in New Gold Inc. by 23.1%, acquiring an additional 150,388 shares, bringing their total to 801,774 shares valued at approximately $2,965,000.
• Several institutional investors have also increased their stakes in New Gold, with JGP Global Gestao de Recursos Ltda. and Dimensional Fund Advisors LP seeing significant increases of 64.4% and 97.3%, respectively.
• Analysts have mixed ratings on New Gold, with a consensus rating of "Buy" and an average target price of $4.38, though recent brokerage reports have seen adjustments to price objectives.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of New Gold Inc. (NYSE:NGD - Free Report) by 23.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 801,774 shares of the company's stock after purchasing an additional 150,388 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 0.10% of New Gold worth $2,965,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Cary Street Partners Financial LLC acquired a new stake in New Gold in the first quarter valued at about $37,000. Tudor Investment Corp ET AL acquired a new stake in New Gold in the fourth quarter valued at about $27,000. Nwam LLC acquired a new stake in New Gold in the first quarter valued at about $45,000. Private Advisor Group LLC acquired a new stake in New Gold in the first quarter valued at about $50,000. Finally, Tradition Wealth Management LLC acquired a new stake in New Gold in the first quarter valued at about $56,000. 42.82% of the stock is owned by institutional investors and hedge funds.

New Gold Trading Down 0.2%

Shares of NGD traded down $0.01 during mid-day trading on Thursday, reaching $5.68. 8,970,439 shares of the company were exchanged, compared to its average volume of 19,414,631. New Gold Inc. has a 52 week low of $2.31 and a 52 week high of $5.75. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The stock has a market capitalization of $4.50 billion, a PE ratio of 43.70 and a beta of 0.38. The business has a 50 day simple moving average of $4.82 and a two-hundred day simple moving average of $4.05.

Analyst Ratings Changes

NGD has been the topic of several research analyst reports. Raymond James Financial raised New Gold to a "hold" rating and set a $4.00 price objective on the stock in a research note on Monday, June 30th. Wall Street Zen upgraded New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. National Bankshares reiterated an "outperform" rating on shares of New Gold in a research report on Tuesday, June 24th. Finally, CIBC increased their target price on New Gold from $5.50 to $6.25 and gave the company an "outperformer" rating in a research report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, New Gold has an average rating of "Buy" and a consensus target price of $4.38.

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.