Invesco Ltd. Has $58.48 Million Position in New Gold Inc. $NGD

Key Points

• Invesco Ltd. increased its stake in New Gold Inc. by 16.9%, owning approximately 1.99% of the company after acquiring over 2.2 million additional shares.
• Several analysts have recently updated their ratings on New Gold, with an average price target of $4.38 and a majority of analysts rating it as a "Buy".
• New Gold's stock opened at $5.21, with a market capitalization of $4.12 billion and a notable 52-week high of $5.33.

Invesco Ltd. boosted its stake in shares of New Gold Inc. (NYSE:NGD - Free Report) by 16.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,761,737 shares of the company's stock after purchasing an additional 2,280,732 shares during the quarter. Invesco Ltd. owned about 1.99% of New Gold worth $58,476,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in NGD. LPL Financial LLC boosted its position in shares of New Gold by 9.3% in the fourth quarter. LPL Financial LLC now owns 143,964 shares of the company's stock valued at $357,000 after acquiring an additional 12,292 shares during the period. Geode Capital Management LLC grew its stake in shares of New Gold by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 391,274 shares of the company's stock worth $987,000 after acquiring an additional 18,901 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of New Gold by 213.8% in the fourth quarter. Russell Investments Group Ltd. now owns 512,510 shares of the company's stock worth $1,273,000 after acquiring an additional 349,167 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of New Gold in the fourth quarter worth $1,918,000. Finally, Mariner LLC grew its stake in shares of New Gold by 705.8% in the fourth quarter. Mariner LLC now owns 132,498 shares of the company's stock worth $329,000 after acquiring an additional 116,054 shares during the last quarter. Institutional investors own 42.82% of the company's stock.

New Gold Stock Performance

Shares of NYSE NGD traded up $0.18 during trading hours on Thursday, reaching $5.44. The stock had a trading volume of 12,017,922 shares, compared to its average volume of 19,700,750. The business's fifty day moving average is $4.75 and its two-hundred day moving average is $3.97. 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 company has a market cap of $4.31 billion, a price-to-earnings ratio of 41.85 and a beta of 0.38. New Gold Inc. has a twelve month low of $2.31 and a twelve month high of $5.45.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on NGD shares. CIBC raised their price objective on shares of New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a research note on Tuesday, July 15th. National Bankshares restated an "outperform" rating on shares of New Gold in a research note on Tuesday, June 24th. Raymond James Financial upgraded shares of New Gold to a "hold" rating and set a $4.00 price objective on the stock in a research note on Monday, June 30th. Finally, Wall Street Zen upgraded shares of New Gold from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $4.38.

New Gold Company 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.