New Gold Inc. $NGD Shares Purchased by TD Asset Management Inc

Key Points

• TD Asset Management Inc has increased its stake in New Gold Inc. by 6.3%, owning approximately 3.23 million shares valued at about $16 million.
• Analysts have given New Gold mixed ratings, with target prices ranging from $6.50 to $9.50 and an average rating of "Buy".
• The company's stock has shown significant performance with a 1-year low of $2.43 and a high of $7.59, currently trading around $6.96.

TD Asset Management Inc increased its holdings in shares of New Gold Inc. (NYSE:NGD - Free Report) by 6.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,233,644 shares of the company's stock after acquiring an additional 192,791 shares during the quarter. TD Asset Management Inc owned about 0.41% of New Gold worth $16,044,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cary Street Partners Financial LLC acquired a new position in New Gold during the first quarter worth about $37,000. Nwam LLC acquired a new position in New Gold during the first quarter worth about $45,000. Private Advisor Group LLC acquired a new position in New Gold during the first quarter worth about $50,000. Tradition Wealth Management LLC acquired a new position in New Gold during the first quarter worth about $56,000. Finally, Banque Cantonale Vaudoise acquired a new stake in New Gold during the first quarter worth about $56,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NGD has been the topic of a number of analyst reports. CIBC lifted their target price on shares of New Gold from $6.50 to $9.50 and gave the stock an "outperformer" rating in a research note on Friday, October 10th. Raymond James Financial reaffirmed a "market perform" rating and set a $7.00 target price on shares of New Gold in a research note on Friday, October 10th. Finally, National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a research note on Tuesday, September 9th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $5.81.

New Gold Price Performance

Shares of NGD opened at $6.96 on Friday. New Gold Inc. has a 1-year low of $2.43 and a 1-year high of $7.59. The stock has a market cap of $5.51 billion, a PE ratio of 53.54 and a beta of 0.46. The firm has a 50-day simple moving average of $6.36 and a two-hundred day simple moving average of $4.98. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

About New Gold

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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