Federation des caisses Desjardins du Quebec raised its stake in shares of New Gold Inc. (NYSE:NGD - Free Report) by 212.4% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 683,751 shares of the company's stock after purchasing an additional 464,914 shares during the period. Federation des caisses Desjardins du Quebec owned approximately 0.09% of New Gold worth $2,530,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. Invesco Ltd. boosted its stake in New Gold by 16.9% during the 1st quarter. Invesco Ltd. now owns 15,761,737 shares of the company's stock valued at $58,476,000 after purchasing an additional 2,280,732 shares during the last quarter. American Century Companies Inc. boosted its stake in New Gold by 23.7% during the 1st quarter. American Century Companies Inc. now owns 15,149,653 shares of the company's stock valued at $56,033,000 after purchasing an additional 2,898,895 shares during the last quarter. JGP Global Gestao de Recursos Ltda. boosted its stake in New Gold by 64.4% during the 1st quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company's stock valued at $39,652,000 after purchasing an additional 4,187,997 shares during the last quarter. Bank of America Corp DE boosted its stake in New Gold by 46.2% during the 4th quarter. Bank of America Corp DE now owns 7,925,231 shares of the company's stock valued at $19,655,000 after purchasing an additional 2,504,157 shares during the last quarter. Finally, Pale Fire Capital SE acquired a new position in New Gold during the 1st quarter valued at about $23,920,000. Institutional investors and hedge funds own 42.82% of the company's stock.
New Gold Stock Performance
Shares of NYSE NGD traded down $0.01 during midday trading on Friday, reaching $6.52. The company's stock had a trading volume of 11,331,498 shares, compared to its average volume of 19,196,229. New Gold Inc. has a 12-month low of $2.43 and a 12-month high of $6.63. The firm has a 50 day moving average price of $5.13 and a 200-day moving average price of $4.31. The stock has a market capitalization of $5.16 billion, a P/E ratio of 50.16 and a beta of 0.43. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.
Analysts Set New Price Targets
NGD has been the subject of a number of analyst reports. Raymond James Financial upgraded New Gold to a "hold" rating and set a $4.00 price target for the company in a research note on Monday, June 30th. CIBC boosted their target price on New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a research note on Tuesday, July 15th. Finally, National Bankshares restated an "outperform" rating on shares of New Gold in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, New Gold presently has a consensus rating of "Buy" and an average price target of $4.56.
Check Out Our Latest Research Report on NGD
About New Gold
(
Free Report)
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.
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