Canada Pension Plan Investment Board Raises Stock Holdings in New Gold Inc. $NGD

Key Points

• The Canada Pension Plan Investment Board increased its stake in New Gold Inc. by 9.8% during the first quarter, now holding 2,690,100 shares valued at approximately $9.95 million.
• Brokerage ratings for New Gold have improved, with CIBC and National Bankshares both giving the company an "outperform" rating and raising price targets, reflecting a positive outlook for the stock.
• New Gold's stock has seen a 3.6% increase, currently priced at $6.12, with a market capitalization of $4.84 billion, indicating strong investor interest.

Canada Pension Plan Investment Board grew its holdings in shares of New Gold Inc. (NYSE:NGD - Free Report) by 9.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,690,100 shares of the company's stock after buying an additional 240,000 shares during the quarter. Canada Pension Plan Investment Board owned 0.34% of New Gold worth $9,947,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of NGD. Tudor Investment Corp ET AL bought a new position in shares of New Gold during the fourth quarter valued at approximately $27,000. Cary Street Partners Financial LLC bought a new position in shares of New Gold during the first quarter valued at approximately $37,000. Schonfeld Strategic Advisors LLC bought a new position in New Gold in the fourth quarter worth approximately $39,000. Point72 Asia Singapore Pte. Ltd. bought a new position in New Gold in the fourth quarter worth approximately $43,000. Finally, Nwam LLC bought a new position in New Gold in the first quarter worth approximately $45,000. Institutional investors own 42.82% of the company's stock.

New Gold Stock Up 2.6%

NYSE NGD traded up $0.16 during midday trading on Friday, hitting $6.30. 13,884,610 shares of the company traded hands, compared to its average volume of 19,288,607. 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 has a market cap of $4.99 billion, a PE ratio of 48.47 and a beta of 0.43. The company's 50-day simple moving average is $4.97 and its 200-day simple moving average is $4.19. New Gold Inc. has a 52 week low of $2.33 and a 52 week high of $6.34.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on NGD shares. National Bankshares reissued an "outperform" rating on shares of New Gold in a research note on Tuesday, June 24th. 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. 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 research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target 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.