Impala Asset Management LLC Boosts Stake in New Gold Inc. $NGD

Key Points

• Impala Asset Management LLC increased its stake in New Gold Inc. by 47.1%, holding 1,000,000 shares after purchasing an additional 320,000 shares this quarter.
• Institutional investors own approximately 42.82% of New Gold's stock, with notable increases from firms like Bank of America Corp DE, which raised its position by 46.2%.
• New Gold's shares are currently rated as a Buy by analysts, with a consensus target price of $4.56, indicating positive market sentiment.

Impala Asset Management LLC lifted its position in shares of New Gold Inc. (NYSE:NGD - Free Report) by 47.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,000,000 shares of the company's stock after purchasing an additional 320,000 shares during the quarter. New Gold accounts for 2.4% of Impala Asset Management LLC's investment portfolio, making the stock its 10th largest holding. Impala Asset Management LLC owned 0.13% of New Gold worth $3,710,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in NGD. Pale Fire Capital SE bought a new stake in New Gold during the 1st quarter worth approximately $23,920,000. JGP Global Gestao de Recursos Ltda. boosted its position in shares of New Gold by 64.4% during the first quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company's stock valued at $39,652,000 after buying an additional 4,187,997 shares during the last quarter. American Century Companies Inc. raised its position in New Gold by 23.7% in the 1st quarter. American Century Companies Inc. now owns 15,149,653 shares of the company's stock valued at $56,033,000 after buying an additional 2,898,895 shares during the last quarter. Nokomis Capital L.L.C. raised its position in New Gold by 203.8% in the 4th quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company's stock valued at $10,285,000 after buying an additional 2,782,296 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in New Gold by 74.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company's stock valued at $23,923,000 after acquiring an additional 2,760,692 shares in the last quarter. Institutional investors own 42.82% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NGD. National Bankshares reiterated an "outperform" rating on shares of New Gold in a report on Tuesday, September 9th. Raymond James Financial upgraded shares of New Gold to a "hold" rating and set a $4.00 price objective for the company in a research note on Monday, June 30th. Finally, CIBC lifted their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $4.56.

New Gold Stock Performance

Shares of New Gold stock traded up $0.22 during trading hours on Monday, reaching $6.74. The company had a trading volume of 9,233,943 shares, compared to its average volume of 19,133,797. The firm has a market cap of $5.33 billion, a PE ratio of 51.81 and a beta of 0.43. New Gold Inc. has a one year low of $2.43 and a one year high of $6.80. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The business has a fifty day simple moving average of $5.13 and a 200 day simple moving average of $4.33.

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.