PCJ Investment Counsel Ltd. Takes $4.94 Million Position in New Gold Inc. (NYSE:NGD)

Key Points

• PCJ Investment Counsel Ltd. has acquired 1,334,850 shares of New Gold Inc. valued at approximately $4.9 million, making it the 17th largest position in their investment portfolio.
• Institutional investors now hold 42.82% of New Gold's stock, with several funds establishing new positions in the company recently.
• New Gold currently has a market cap of $3.81 billion and an average analyst rating of "Buy," with a consensus target price of $4.38.

PCJ Investment Counsel Ltd. purchased a new position in New Gold Inc. (NYSE:NGD - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,334,850 shares of the company's stock, valued at approximately $4,936,000. New Gold makes up about 1.9% of PCJ Investment Counsel Ltd.'s portfolio, making the stock its 17th largest holding. PCJ Investment Counsel Ltd. owned about 0.17% of New Gold as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the business. Oxbow Advisors LLC grew its stake in shares of New Gold by 1.9% in the first 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 grew its stake in shares of New Gold by 0.8% in 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 acquiring an additional 7,367 shares in the last quarter. TD Waterhouse Canada Inc. grew its stake in shares of New Gold by 11.6% in the fourth quarter. TD Waterhouse Canada Inc. now owns 92,967 shares of the company's stock worth $230,000 after acquiring an additional 9,668 shares in the last quarter. Cary Street Partners Financial LLC acquired a new position in shares of New Gold in the first quarter worth $37,000. Finally, SIH Partners LLLP acquired a new position in shares of New Gold in the fourth quarter worth $27,000. Institutional investors and hedge funds own 42.82% of the company's stock.

New Gold Stock Performance

Shares of NYSE:NGD traded up $0.07 on Tuesday, reaching $4.95. The company's stock had a trading volume of 7,562,574 shares, compared to its average volume of 19,997,789. The stock's 50-day moving average is $4.69 and its two-hundred day moving average is $3.85. New Gold Inc. has a 52-week low of $2.30 and a 52-week high of $5.16. 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 stock has a market capitalization of $3.91 billion, a P/E ratio of 38.04 and a beta of 0.38.

Analyst Ratings Changes

A number of brokerages recently commented on NGD. CIBC boosted their target price 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. Wall Street Zen upgraded shares of New Gold from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Raymond James Financial upgraded shares of New Gold to a "hold" rating and set a $4.00 target price for the company in a research note on Monday, June 30th. Scotiabank reiterated an "outperform" rating on shares of New Gold in a research note on Monday, April 14th. Finally, National Bankshares reiterated an "outperform" rating on shares of New Gold in a research note on Tuesday, June 24th. One research 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. According to MarketBeat, New Gold has a consensus rating of "Buy" and a consensus 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.