Credit Agricole S A Grows Stock Position in New Gold Inc. $NGD

Key Points

• Credit Agricole S A increased its holdings in New Gold Inc. by 122.4% during the 1st quarter, now owning approximately 0.12% of the company, valued at $3,414,000.
• Several hedge funds, including LPL Financial LLC and Geode Capital Management LLC, have also increased their positions in New Gold during the last quarters.
• Analysts have a consensus rating of "Buy" for New Gold, with an average target price of $4.38, following recent upgrades by firms such as CIBC and Raymond James Financial.

Credit Agricole S A raised its holdings in shares of New Gold Inc. (NYSE:NGD - Free Report) by 122.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 920,212 shares of the company's stock after purchasing an additional 506,441 shares during the period. Credit Agricole S A owned 0.12% of New Gold worth $3,414,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of NGD. JGP Global Gestao de Recursos Ltda. raised its position in shares of New Gold by 64.4% in the 1st quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company's stock worth $39,652,000 after acquiring an additional 4,187,997 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in New Gold by 97.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock worth $14,742,000 after purchasing an additional 2,931,470 shares in the last quarter. American Century Companies Inc. lifted its position in shares of New Gold by 23.7% during the first 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. boosted its holdings in shares of 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 in the last quarter. Finally, Bank of America Corp DE grew its position in shares of New Gold by 46.2% in the 4th quarter. Bank of America Corp DE now owns 7,925,231 shares of the company's stock worth $19,655,000 after buying an additional 2,504,157 shares during the last quarter. Hedge funds and other institutional investors own 42.82% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Wall Street Zen raised shares of New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Raymond James Financial upgraded New Gold to a "hold" rating and set a $4.00 price objective for the company in a report on Monday, June 30th. CIBC boosted 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. Finally, National Bankshares reiterated an "outperform" rating on shares of New Gold in a research note on Tuesday, June 24th. One 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 MarketBeat.com, New Gold has an average rating of "Buy" and an average target price of $4.38.

New Gold Stock Performance

Shares of NYSE:NGD traded down $0.01 during trading on Thursday, hitting $5.69. The stock had a trading volume of 3,596,793 shares, compared to its average volume of 19,377,313. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. New Gold Inc. has a 12-month low of $2.31 and a 12-month high of $5.72. The stock has a market capitalization of $4.50 billion, a price-to-earnings ratio of 43.81 and a beta of 0.38. The stock has a 50-day simple moving average of $4.81 and a two-hundred day simple moving average of $4.04.

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.