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

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. increased its stake in shares of New Gold Inc. (NYSE:NGD - Free Report) by 64.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,687,997 shares of the company's stock after buying an additional 4,187,997 shares during the quarter. New Gold comprises approximately 30.6% of JGP Global Gestao de Recursos Ltda.'s investment 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 SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Ruffer LLP grew its holdings in shares of New Gold by 166.9% during the 1st quarter. Ruffer LLP now owns 3,203,070 shares of the company's stock valued at $11,883,000 after purchasing an additional 2,003,070 shares during the last quarter. Baader Bank Aktiengesellschaft bought a new position in shares of New Gold during the first quarter valued at $206,000. XTX Topco Ltd grew its stake in shares of New Gold by 103.4% in the first quarter. XTX Topco Ltd now owns 318,240 shares of the company's stock worth $1,181,000 after purchasing an additional 161,806 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in New Gold in the first quarter valued at $56,000. Finally, TD Asset Management Inc raised its position in New Gold by 7.1% during the 1st quarter. TD Asset Management Inc now owns 3,040,853 shares of the company's stock worth $11,240,000 after purchasing an additional 202,333 shares during the last quarter. Institutional investors and hedge funds own 42.82% of the company's stock.

New Gold Stock Up 1.5%

NYSE NGD traded up $0.07 on Friday, reaching $4.88. The company had a trading volume of 16,117,290 shares, compared to its average volume of 20,100,859. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The company's fifty day moving average is $4.67 and its 200 day moving average is $3.81. New Gold Inc. has a 52-week low of $2.12 and a 52-week high of $5.16. The stock has a market capitalization of $3.86 billion, a P/E ratio of 37.54 and a beta of 0.38.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. National Bankshares reissued an "outperform" rating on shares of New Gold in a research report on Tuesday, June 24th. CIBC lifted their price objective on New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a research report on Tuesday, July 15th. Scotiabank reiterated an "outperform" rating on shares of New Gold in a report on Monday, April 14th. Raymond James Financial raised shares of New Gold to a "hold" rating and set a $4.00 price objective for the company in a research report on Monday, June 30th. Finally, Wall Street Zen upgraded shares of New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target 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.