Headlands Technologies LLC Acquires 110,124 Shares of New Gold Inc. (NYSE:NGD)

Key Points

• Headlands Technologies LLC significantly increased its holdings in New Gold Inc. by 520.8% during the 1st quarter, accumulating a total of 131,268 shares valued at approximately $487,000.
• Wall Street analysts show a consensus rating of "Buy" for New Gold Inc., with the average target price set at $4.38.
• The stock of New Gold Inc. is currently trading at $4.88, with a 52-week range between $2.12 and $5.16.

Headlands Technologies LLC grew its stake in shares of New Gold Inc. (NYSE:NGD - Free Report) by 520.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 131,268 shares of the company's stock after acquiring an additional 110,124 shares during the quarter. Headlands Technologies LLC's holdings in New Gold were worth $487,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Oxbow Advisors LLC grew its position in shares of New Gold by 1.9% in the 1st quarter. Oxbow Advisors LLC now owns 282,400 shares of the company's stock worth $1,048,000 after acquiring an additional 5,400 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in New Gold by 0.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company's stock worth $2,258,000 after purchasing an additional 7,367 shares during the last quarter. TD Waterhouse Canada Inc. boosted its holdings in shares of New Gold by 11.6% in the 4th quarter. TD Waterhouse Canada Inc. now owns 92,967 shares of the company's stock valued at $230,000 after buying an additional 9,668 shares during the period. Cary Street Partners Financial LLC bought a new position in New Gold in the first quarter worth about $37,000. Finally, SIH Partners LLLP acquired a new position in New Gold in the fourth quarter valued at approximately $27,000. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

New Gold Price Performance

New Gold stock remained flat at $4.88 during trading hours on Monday. The company's stock had a trading volume of 16,130,031 shares, compared to its average volume of 20,081,484. New Gold Inc. has a 12-month low of $2.20 and a 12-month high of $5.16. The stock has a market cap of $3.86 billion, a P/E ratio of 37.54 and a beta of 0.38. The company's fifty day simple moving average is $4.69 and its 200-day simple moving average is $3.85. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.

Wall Street Analysts Forecast Growth

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

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.