Charles Schwab Investment Management Inc. Takes $378,000 Position in New Gold Inc. $NGD

Key Points

• Charles Schwab Investment Management Inc. has acquired a new position in New Gold Inc. by purchasing 102,344 shares valued at approximately $378,000.
• Research firms like CIBC and National Bankshares have expressed a positive outlook, with multiple analysts rating New Gold as an "outperform" and setting a target price as high as $6.25.
• New Gold's stock has shown significant price variability, with a 1-year low of $2.31 and a high of $6.29, and it currently trades around $6.16.

Charles Schwab Investment Management Inc. bought a new stake in shares of New Gold Inc. (NYSE:NGD - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 102,344 shares of the company's stock, valued at approximately $378,000.

Other hedge funds have also recently modified their holdings of the company. Financial Sense Advisors Inc. bought a new stake in shares of New Gold during the 1st quarter valued at $652,000. Foundry Partners LLC bought a new position in New Gold in the 1st quarter worth $3,960,000. Dimensional Fund Advisors LP boosted its holdings in New Gold by 97.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock worth $14,742,000 after buying an additional 2,931,470 shares during the period. Captrust Financial Advisors boosted its holdings in New Gold by 24.6% in the 4th quarter. Captrust Financial Advisors now owns 55,700 shares of the company's stock worth $138,000 after buying an additional 11,000 shares during the period. Finally, Ritholtz Wealth Management bought a new position in New Gold in the 1st quarter worth $116,000. Institutional investors own 42.82% of the company's stock.

New Gold Trading Up 2.6%

New Gold stock traded up $0.16 during midday trading on Friday, reaching $6.30. The stock had a trading volume of 13,884,610 shares, compared to its average volume of 19,288,607. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The firm has a market cap of $4.99 billion, a price-to-earnings ratio of 48.47 and a beta of 0.43. The company has a fifty day moving average of $4.97 and a 200 day moving average of $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

NGD has been the subject of several recent analyst 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, June 24th. Finally, CIBC increased their price objective on shares of New Gold from $5.50 to $6.25 and gave the company an "outperformer" rating in a report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, New Gold has a consensus rating of "Buy" and an average target price of $4.38.

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.