Louisbourg Investments Inc. Makes New $3.40 Million Investment in New Gold Inc. $NGD

Key Points

• Louisbourg Investments Inc. has made a new investment of approximately $3.40 million in New Gold Inc., acquiring about 685,700 shares, representing 0.09% ownership in the company.
• Wall Street analysts have issued various ratings for New Gold, with a consensus rating of "Buy" and a target price of $5.81, while some firms, such as CIBC, have upgraded their price targets significantly.
• New Gold’s stock recently traded at $6.84, with a 52-week range between $2.43 and $7.59, and a firm market capitalization of $5.42 billion.

Louisbourg Investments Inc. purchased a new position in New Gold Inc. (NYSE:NGD - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 685,700 shares of the company's stock, valued at approximately $3,403,000. Louisbourg Investments Inc. owned 0.09% of New Gold at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cary Street Partners Financial LLC bought a new position in New Gold in the 1st quarter worth approximately $37,000. Nwam LLC bought a new position in New Gold in the 1st quarter worth approximately $45,000. Private Advisor Group LLC bought a new position in New Gold in the 1st quarter worth approximately $50,000. Tradition Wealth Management LLC bought a new position in New Gold in the 1st quarter worth approximately $56,000. Finally, Banque Cantonale Vaudoise bought a new position in New Gold in the 1st quarter worth approximately $56,000. 42.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NGD. Raymond James Financial reaffirmed a "market perform" rating and set a $7.00 price objective on shares of New Gold in a report on Friday. National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a report on Tuesday, September 9th. Finally, CIBC upped their price objective on New Gold from $6.50 to $9.50 and gave the stock an "outperformer" rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $5.81.

New Gold Stock Performance

NYSE:NGD opened at $6.84 on Friday. The stock's fifty day moving average is $6.10 and its 200 day moving average is $4.85. New Gold Inc. has a fifty-two week low of $2.43 and a fifty-two week high of $7.59. The firm has a market capitalization of $5.42 billion, a PE ratio of 52.62 and a beta of 0.46. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.

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.

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