New Gold Inc. (NYSE:NGD) Position Raised by JGP Global Gestao de Recursos Ltda.

Key Points

• JGP Global Gestao de Recursos Ltda. increased its stake in New Gold Inc. by 64.4% during Q1, owning approximately 10.7 million shares, making it the firm's second largest position.
• Wall Street analysts have upgraded New Gold, with an average rating of "Buy" and a consensus target price of $4.38.
• Shares of New Gold Inc. opened at $4.26, with a market cap of $3.37 billion and a 52-week range between $1.94 and $5.16.

JGP Global Gestao de Recursos Ltda. raised its stake in shares of New Gold Inc. (NYSE:NGD - Free Report) by 64.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,687,997 shares of the company's stock after purchasing an additional 4,187,997 shares during the period. New Gold accounts for about 30.6% of JGP Global Gestao de Recursos Ltda.'s portfolio, making the stock its 2nd biggest position. JGP Global Gestao de Recursos Ltda. owned about 1.35% of New Gold worth $39,652,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. SIH Partners LLLP purchased a new stake in shares of New Gold in the fourth quarter worth approximately $27,000. Tudor Investment Corp ET AL purchased a new stake in shares of New Gold in the fourth quarter worth approximately $27,000. Nwam LLC purchased a new stake in shares of New Gold in the first quarter worth approximately $45,000. Private Advisor Group LLC purchased a new stake in shares of New Gold in the first quarter worth approximately $50,000. Finally, Banque Cantonale Vaudoise purchased a new stake in shares of New Gold in the first quarter worth approximately $56,000. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NGD has been the topic of several recent analyst reports. Raymond James Financial upgraded New Gold to a "hold" rating and set a $4.00 price target on the stock in a report on Monday, June 30th. National Bankshares reiterated an "outperform" rating on shares of New Gold in a report on Tuesday, June 24th. Wall Street Zen upgraded New Gold from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Scotiabank reiterated an "outperform" rating on shares of New Gold in a report on Monday, April 14th. Finally, CIBC increased their price target on New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a report on Tuesday, July 15th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $4.38.

New Gold Stock Up 1.7%

Shares of NYSE:NGD opened at $4.26 on Monday. New Gold Inc. has a 52-week low of $1.94 and a 52-week high of $5.16. The stock has a market cap of $3.37 billion, a P/E ratio of 32.77 and a beta of 0.45. The business's 50 day moving average is $4.65 and its 200 day moving average is $3.77. 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 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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