Financial Counselors Inc. Buys Shares of 78,000 New Gold Inc. (NYSE:NGD)

Financial Counselors Inc. acquired a new position in New Gold Inc. (NYSE:NGD - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 78,000 shares of the company's stock, valued at approximately $289,000.

A number of other large investors have also recently made changes to their positions in the business. Riggs Asset Managment Co. Inc. bought a new stake in shares of New Gold during the 1st quarter valued at about $1,141,000. Bank of New York Mellon Corp lifted its holdings in New Gold by 40.6% in the first quarter. Bank of New York Mellon Corp now owns 70,728 shares of the company's stock worth $262,000 after buying an additional 20,436 shares during the period. Allspring Global Investments Holdings LLC boosted its position in New Gold by 68.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,471,000 shares of the company's stock valued at $9,137,000 after acquiring an additional 1,000,000 shares in the last quarter. Ritholtz Wealth Management purchased a new position in shares of New Gold during the 1st quarter worth approximately $116,000. Finally, SG Americas Securities LLC grew its holdings in shares of New Gold by 69.2% during the 1st quarter. SG Americas Securities LLC now owns 113,640 shares of the company's stock worth $422,000 after acquiring an additional 46,465 shares during the period. 42.82% of the stock is currently owned by institutional investors.

New Gold Stock Performance

New Gold stock remained flat at $4.70 during mid-day trading on Friday. The company's stock had a trading volume of 14,253,262 shares, compared to its average volume of 15,234,389. New Gold Inc. has a twelve month low of $1.94 and a twelve month high of $5.16. The company has a market capitalization of $3.72 billion, a P/E ratio of 36.16 and a beta of 0.45. The business has a 50 day simple moving average of $4.54 and a 200 day simple moving average of $3.59. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Analysts Set New Price Targets

A number of research firms have recently commented on NGD. National Bankshares restated an "outperform" rating on shares of New Gold in a research note on Tuesday, June 24th. Bank of America upgraded New Gold from an "underperform" rating to a "buy" rating and increased their price objective for the stock from $2.60 to $3.90 in a report on Wednesday, March 26th. Scotiabank restated an "outperform" rating on shares of New Gold in a report on Monday, April 14th. Raymond James Financial upgraded shares of New Gold to a "hold" rating and set a $4.00 price target for the company in a research note on Monday, June 30th. Finally, CIBC lifted their price target on shares of New Gold from $3.40 to $4.75 and gave the company an "outperformer" rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $4.13.

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.