New Gold Inc. (NYSE:NGD) Shares Bought by TD Asset Management Inc

Key Points

• TD Asset Management Inc increased its stake in New Gold Inc. by 7.1%, now owning over 3 million shares valued at approximately $11.24 million.
• Analysts maintain a consensus rating of "Buy" for New Gold, with a target price averaging around $4.38, indicating potential growth prospects.
• New Gold has seen significant institutional interest, with hedge funds owning 42.82% of its stock, reflecting strong market confidence.

TD Asset Management Inc raised its holdings in New Gold Inc. (NYSE:NGD - Free Report) by 7.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,040,853 shares of the company's stock after buying an additional 202,333 shares during the period. TD Asset Management Inc owned about 0.38% of New Gold worth $11,240,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in NGD. SIH Partners LLLP bought a new stake in New Gold in the fourth quarter worth about $27,000. Tudor Investment Corp ET AL bought a new stake in shares of New Gold in the 4th quarter worth approximately $27,000. Schonfeld Strategic Advisors LLC bought a new stake in New Gold during the 4th quarter valued at $39,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in New Gold during the 4th quarter valued at $43,000. Finally, Nwam LLC purchased a new stake in shares of New Gold in the 1st quarter worth about $45,000. 42.82% of the stock is owned by institutional investors.

New Gold Stock Performance

Shares of NYSE:NGD traded up $0.07 during trading on Friday, reaching $4.26. The company had a trading volume of 12,920,025 shares, compared to its average volume of 20,308,570. The firm has a market capitalization of $3.37 billion, a price-to-earnings ratio of 32.77 and a beta of 0.45. 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's fifty day moving average price is $4.65 and its 200 day moving average price is $3.77. New Gold Inc. has a fifty-two week low of $1.94 and a fifty-two week high of $5.16.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. CIBC raised their price target on shares of New Gold from $5.50 to $6.25 and gave the company an "outperformer" rating in a report on Tuesday, July 15th. Scotiabank reissued an "outperform" rating on shares of New Gold in a report on Monday, April 14th. Wall Street Zen upgraded New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. National Bankshares restated an "outperform" rating on shares of New Gold in a report on Tuesday, June 24th. Finally, Raymond James Financial upgraded shares of New Gold to a "hold" rating and set a $4.00 target price for the company in a report on Monday, June 30th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average 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.