Invesco Ltd. Purchases 2,280,732 Shares of 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. raised its stake in shares of New Gold Inc. (NYSE:NGD - Free Report) by 16.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,761,737 shares of the company's stock after buying an additional 2,280,732 shares during the period. Invesco Ltd. owned about 1.99% of New Gold worth $58,476,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of NGD. Cary Street Partners Financial LLC purchased a new stake in shares of New Gold during the 1st quarter worth about $37,000. SIH Partners LLLP purchased a new stake in shares of New Gold during the 4th quarter worth about $27,000. Tudor Investment Corp ET AL purchased a new stake in shares of New Gold during the 4th quarter worth about $27,000. Nwam LLC purchased a new stake in shares of New Gold during the 1st quarter worth about $45,000. Finally, Private Advisor Group LLC purchased a new stake in shares of New Gold during the 1st quarter worth about $50,000. 42.82% of the stock is owned by institutional investors and hedge funds.

New Gold Price Performance

NYSE NGD traded up $0.1250 on Wednesday, hitting $5.2550. 8,100,300 shares of the company were exchanged, compared to its average volume of 19,723,354. The firm has a 50 day moving average of $4.73 and a two-hundred day moving average of $3.94. The company has a market cap of $4.16 billion, a P/E ratio of 40.43 and a beta of 0.38. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. New Gold Inc. has a 1-year low of $2.31 and a 1-year high of $5.33.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. National Bankshares reaffirmed 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 target on the stock in a report on Monday, June 30th. Wall Street Zen upgraded shares of New Gold from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Finally, CIBC raised their price target on shares of New Gold from $5.50 to $6.25 and gave the company an "outperformer" rating in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, New Gold presently has an average rating of "Buy" and a consensus target price 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.