Bank of America Corp DE Boosts Stake in New Gold Inc. (NYSE:NGD)

Bank of America Corp DE lifted its position in New Gold Inc. (NYSE:NGD - Free Report) by 46.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,925,231 shares of the company's stock after acquiring an additional 2,504,157 shares during the quarter. Bank of America Corp DE owned approximately 1.00% of New Gold worth $19,655,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Hillsdale Investment Management Inc. increased its holdings in New Gold by 97.1% in the fourth quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company's stock worth $23,657,000 after buying an additional 4,671,399 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of 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 buying an additional 2,931,470 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of New Gold by 11.6% in the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock worth $62,363,000 after buying an additional 2,619,782 shares during the last quarter. Bank of Montreal Can raised its stake in New Gold by 36.9% during the 4th quarter. Bank of Montreal Can now owns 9,703,381 shares of the company's stock valued at $24,203,000 after purchasing an additional 2,613,285 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in New Gold during the 4th quarter valued at $6,111,000. Hedge funds and other institutional investors own 42.82% of the company's stock.

New Gold Stock Performance

NGD stock traded up $0.09 during midday trading on Friday, reaching $4.30. 23,455,191 shares of the company were exchanged, compared to its average volume of 13,203,161. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The business has a 50-day moving average price of $3.63 and a two-hundred day moving average price of $3.09. New Gold Inc. has a one year low of $1.90 and a one year high of $4.34. The firm has a market capitalization of $3.40 billion, a price-to-earnings ratio of 33.08 and a beta of 0.54.

Wall Street Analysts Forecast Growth

NGD has been the subject of several research analyst reports. CIBC upped their target price on shares of New Gold from $3.40 to $4.75 and gave the company an "outperformer" rating in a research note on Thursday, May 8th. Bank of America upgraded shares of New Gold from an "underperform" rating to a "buy" rating and upped their target price for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. New Street Research set a $3.90 target price on shares of New Gold in a research note on Wednesday, March 26th. National Bankshares reiterated an "outperform" rating on shares of New Gold in a research note on Wednesday, April 2nd. Finally, Raymond James set a $4.00 price objective on shares of New Gold and gave the company a "market perform" rating in a research note on Friday, April 4th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $4.04.

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.