Ruffer LLP Has $5.94 Million Stock Holdings in New Gold Inc. $NGD

Key Points

• Ruffer LLP reduced its stake in New Gold Inc. by 62.5%, currently holding approximately 1,200,134 shares valued at $5.94 million.
• Institutional investors collectively own 42.82% of New Gold's stock, reflecting increasing interest from multiple hedge funds and management firms.
• Analysts maintain a consensus recommendation of "Buy" for New Gold, with a price target range between $4.00 and $6.25.

Ruffer LLP trimmed its stake in shares of New Gold Inc. (NYSE:NGD - Free Report) by 62.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,200,134 shares of the company's stock after selling 2,002,936 shares during the period. Ruffer LLP owned about 0.15% of New Gold worth $5,941,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Sheets Smith Wealth Management acquired a new stake in shares of New Gold during the second quarter worth $783,000. Perpetual Ltd bought a new position in New Gold in the second quarter valued at $482,000. Baron Wealth Management LLC grew its position in 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 purchasing an additional 8,486 shares in the last quarter. GK Wealth Management LLC bought a new position in New Gold in the second quarter valued at $112,000. Finally, Impala Asset Management LLC grew its position in New Gold by 47.1% in the first quarter. Impala Asset Management LLC now owns 1,000,000 shares of the company's stock valued at $3,710,000 after purchasing an additional 320,000 shares in the last quarter. 42.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NGD has been the subject of a number of analyst reports. CIBC raised their target price on shares of New Gold from $5.50 to $6.25 and gave the company 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 price objective for the company in a research report on Monday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $4.56.

New Gold Stock Performance

Shares of NGD stock opened at $6.83 on Thursday. The company has a market capitalization of $5.41 billion, a price-to-earnings ratio of 52.54 and a beta of 0.42. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The company has a 50-day simple moving average of $5.44 and a 200 day simple moving average of $4.52. New Gold Inc. has a 52 week low of $2.43 and a 52 week high of $7.09.

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.

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