Foundry Partners LLC Invests $3.96 Million in New Gold Inc. (NYSE:NGD)

Foundry Partners LLC bought a new position in New Gold Inc. (NYSE:NGD - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,067,500 shares of the company's stock, valued at approximately $3,960,000. Foundry Partners LLC owned 0.13% of New Gold as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of NGD. SIH Partners LLLP acquired a new position in shares of New Gold during the 4th quarter worth approximately $27,000. Tudor Investment Corp ET AL bought a new position in New Gold in the 4th quarter worth about $27,000. Samalin Investment Counsel LLC purchased a new stake in shares of New Gold in the 4th quarter valued at approximately $32,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of New Gold during the 4th quarter worth $39,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of New Gold during the 4th quarter worth about $43,000. 42.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on NGD shares. CIBC lifted 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. New Street Research set a $3.90 price objective on New Gold in a research report on Wednesday, March 26th. Raymond James Financial upgraded New Gold to a "hold" rating and set a $4.00 target price on the stock in a report on Monday, June 30th. Bank of America upgraded New Gold from an "underperform" rating to a "buy" rating and boosted their price objective for the stock from $2.60 to $3.90 in a research report on Wednesday, March 26th. Finally, National Bankshares restated an "outperform" rating on shares of New Gold in a report on Tuesday, June 24th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, New Gold presently has a consensus rating of "Buy" and an average price target of $4.38.

New Gold Price Performance

NGD traded down $0.09 during midday trading on Wednesday, hitting $4.46. 4,992,424 shares of the company traded hands, compared to its average volume of 15,329,136. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of 34.12 and a beta of 0.45. The business has a 50 day simple moving average of $4.60 and a two-hundred day simple moving average of $3.68. New Gold Inc. has a 52-week low of $1.94 and a 52-week high of $5.16.

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.