New Gold Inc. (NYSE:NGD) Stock Holdings Boosted 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 lifted its stake in New Gold Inc. (NYSE:NGD - Free Report) by 7.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 approximately 0.38% of New Gold worth $11,240,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Renaissance Technologies LLC grew its position in shares of New Gold by 11.6% in the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock valued at $62,363,000 after buying an additional 2,619,782 shares during the last quarter. Invesco Ltd. grew its position in shares of New Gold by 3.6% in the 4th quarter. Invesco Ltd. now owns 13,481,005 shares of the company's stock valued at $33,433,000 after buying an additional 469,748 shares during the last quarter. Bank of Montreal Can grew its position in shares of New Gold by 36.9% in the 4th quarter. Bank of Montreal Can now owns 9,703,381 shares of the company's stock valued at $24,203,000 after buying an additional 2,613,285 shares during the last quarter. Franklin Resources Inc. grew its position in shares of New Gold by 1.3% in the 4th quarter. Franklin Resources Inc. now owns 8,496,204 shares of the company's stock valued at $21,073,000 after buying an additional 110,500 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in New Gold by 46.2% during 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 during the period. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Stock Up 3.2%

Shares of NYSE NGD traded up $0.14 during trading on Monday, reaching $4.40. 6,415,320 shares of the stock were exchanged, compared to its average volume of 20,211,670. The business's 50-day moving average price is $4.65 and its 200 day moving average price is $3.77. New Gold Inc. has a twelve month low of $1.94 and a twelve month high of $5.16. 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 company has a market capitalization of $3.48 billion, a price-to-earnings ratio of 33.81 and a beta of 0.45.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. National Bankshares reiterated an "outperform" rating on shares of New Gold in a research note on Tuesday, June 24th. CIBC increased their price target 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. Raymond James Financial upgraded shares of New Gold to a "hold" rating and set a $4.00 price target for the company in a research note on Monday, June 30th. Wall Street Zen upgraded shares of New Gold from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Finally, Scotiabank reiterated an "outperform" rating on shares of New Gold in a research note on Monday, April 14th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, New Gold currently has an average 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.