Eschler Asset Management LLP Invests $1.45 Million in New Gold Inc. $NGD

Key Points

• Eschler Asset Management LLP invested approximately $1.45 million in New Gold Inc., acquiring 390,048 shares, which now make up about 3.6% of their investment portfolio.
• Several institutional investors increased their stakes significantly in New Gold during the 1st quarter, with Amundi growing its position by 42.2% to hold over 8.3 million shares.
• Equity analysts have generally issued positive ratings for New Gold, with an average price target of $4.38 and several firms upgrading their ratings to "Buy" or "Outperform."

Eschler Asset Management LLP purchased a new position in shares of New Gold Inc. (NYSE:NGD - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 390,048 shares of the company's stock, valued at approximately $1,447,000. New Gold accounts for about 3.6% of Eschler Asset Management LLP's portfolio, making the stock its 8th biggest position.

Other institutional investors also recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL acquired a new stake in shares of New Gold in the fourth quarter valued at $27,000. Cary Street Partners Financial LLC bought a new stake in New Gold in the first quarter worth about $37,000. Schonfeld Strategic Advisors LLC bought a new stake in New Gold in the fourth quarter worth about $39,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in New Gold in the fourth quarter worth about $43,000. Finally, Nwam LLC bought a new stake in New Gold in the first quarter worth about $45,000. Institutional investors and hedge funds own 42.82% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on NGD shares. National Bankshares reiterated an "outperform" rating on shares of New Gold in a research report on Tuesday, June 24th. CIBC boosted their price target on shares of New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a research report on Tuesday, July 15th. Finally, Raymond James Financial upgraded shares of New Gold to a "hold" rating and set a $4.00 price target on the stock in a research report on Monday, June 30th. One investment 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's stock. Based on data from MarketBeat.com, New Gold currently has an average rating of "Buy" and an average price target of $4.38.

New Gold Trading Up 2.6%

NYSE NGD traded up $0.16 on Friday, hitting $6.30. 13,884,610 shares of the company were exchanged, 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. New Gold Inc. has a twelve month low of $2.33 and a twelve month high of $6.34. The company's 50 day moving average price is $4.97 and its 200-day moving average price is $4.19. The firm has a market capitalization of $4.99 billion, a P/E ratio of 48.47 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.