Nuveen LLC Makes New Investment in New Gold Inc. $NGD

Key Points

• Nuveen LLC has acquired a new stake in New Gold Inc., purchasing 644,667 shares valued at approximately $2.38 million, representing about 0.08% ownership by the end of the most recent quarter.
• Other institutional investors have also significantly increased their positions in New Gold, with JGP Global Gestao de Recursos Ltda. boosting its ownership by 64.4% to nearly $39.65 million.
• Equity analysts have raised New Gold's rating, with Wall Street Zen upgrading it from "hold" to "buy," and the current consensus rating being "Buy" with an average price target of $4.38.

Nuveen LLC purchased a new position in New Gold Inc. (NYSE:NGD - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 644,667 shares of the company's stock, valued at approximately $2,383,000. Nuveen LLC owned approximately 0.08% of New Gold at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Invesco Ltd. boosted its stake in New Gold by 16.9% in the 1st quarter. Invesco Ltd. now owns 15,761,737 shares of the company's stock worth $58,476,000 after purchasing an additional 2,280,732 shares in the last quarter. JGP Global Gestao de Recursos Ltda. boosted its stake in New Gold by 64.4% in the 1st quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company's stock worth $39,652,000 after purchasing an additional 4,187,997 shares in the last quarter. Bank of America Corp DE boosted its stake in New Gold by 46.2% in the 4th quarter. Bank of America Corp DE now owns 7,925,231 shares of the company's stock worth $19,655,000 after purchasing an additional 2,504,157 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in New Gold by 97.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock worth $14,742,000 after purchasing an additional 2,931,470 shares in the last quarter. Finally, Nokomis Capital L.L.C. boosted its stake in New Gold by 203.8% in the 4th quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company's stock worth $10,285,000 after purchasing an additional 2,782,296 shares in the last quarter. Institutional investors own 42.82% of the company's stock.

New Gold Price Performance

NGD traded up $0.22 during trading on Monday, reaching $5.90. The company's stock had a trading volume of 13,413,883 shares, compared to its average volume of 19,371,982. 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 firm has a fifty day simple moving average of $4.86 and a two-hundred day simple moving average of $4.11. New Gold Inc. has a 1 year low of $2.31 and a 1 year high of $5.92. The company has a market cap of $4.67 billion, a price-to-earnings ratio of 45.39 and a beta of 0.38.

Analysts Set New Price Targets

A number of research firms have weighed in on NGD. National Bankshares reissued an "outperform" rating on shares of New Gold in a report on Tuesday, June 24th. Raymond James Financial raised shares of New Gold to a "hold" rating and set a $4.00 price objective on the stock in a report on Monday, June 30th. Wall Street Zen raised shares of New Gold from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Finally, CIBC raised their price objective on shares of 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 Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, New Gold 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.