Perpetual Ltd Buys New Position in New Gold Inc. $NGD

Key Points

• Perpetual Ltd acquired 97,350 shares of New Gold Inc. in Q2, valued at approximately $482,000, while institutional investors own 42.82% of the stock.
• New Gold Inc. has a market cap of $5.26 billion and a price-to-earnings ratio of 51.16, with shares currently priced at $6.65.
• Analysts have a consensus rating of "Buy" for New Gold, with a price target averaging $4.56 per share, reflecting positive investor sentiment.

Perpetual Ltd purchased a new stake in New Gold Inc. (NYSE:NGD - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm purchased 97,350 shares of the company's stock, valued at approximately $482,000.

A number of other hedge funds have also modified their holdings of the company. Hsbc Holdings PLC raised its position in shares of New Gold by 17.8% in the 1st quarter. Hsbc Holdings PLC now owns 25,176 shares of the company's stock valued at $93,000 after acquiring an additional 3,808 shares during the period. Oxbow Advisors LLC raised its holdings 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 valued at $1,048,000 after purchasing an additional 5,400 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings 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 valued at $2,258,000 after purchasing an additional 7,367 shares during the last quarter. Baron Wealth Management LLC grew its stake in shares of New Gold by 53.6% in the second quarter. Baron Wealth Management LLC now owns 24,315 shares of the company's stock valued at $120,000 after buying an additional 8,486 shares in the last quarter. Finally, Sprott Inc. boosted its position in New Gold by 1.2% during the first quarter. Sprott Inc. now owns 764,879 shares of the company's stock worth $2,838,000 after purchasing an additional 8,856 shares during the period. 42.82% of the stock is currently owned by institutional investors and hedge funds.

New Gold Price Performance

NYSE NGD traded up $0.21 during trading on Monday, hitting $6.86. 28,710,009 shares of the company's stock were exchanged, compared to its average volume of 19,284,205. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The company has a market cap of $5.43 billion, a PE ratio of 52.77 and a beta of 0.43. New Gold Inc. has a fifty-two week low of $2.43 and a fifty-two week high of $6.90. The stock's 50 day moving average price is $5.35 and its two-hundred day moving average price is $4.49.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on NGD shares. 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 report on Tuesday, July 15th. National Bankshares reissued an "outperform" rating on shares of New Gold in a research report on Tuesday, September 9th. Finally, Raymond James Financial raised shares of New Gold to a "hold" rating and set a $4.00 target price for the company in a research report on Monday, June 30th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $4.56.

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.