Wellington Management Group LLP Purchases 2,252,957 Shares of New Gold Inc. $NGD

Key Points

• Wellington Management Group LLP increased its stake in New Gold Inc. by 198.7% in Q1, owning over 3.3 million shares worth approximately $12.5 million at the end of the reporting period.
• A total of 42.82% of New Gold's stock is held by institutional investors, with several large firms purchasing significant stakes during the first and fourth quarters.
• Analysts have raised New Gold's consensus rating to "Buy", with a target price ranging from $4.00 to $6.25 following positive performance reviews.

Wellington Management Group LLP boosted its holdings in New Gold Inc. (NYSE:NGD - Free Report) by 198.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,386,617 shares of the company's stock after buying an additional 2,252,957 shares during the period. Wellington Management Group LLP owned approximately 0.43% of New Gold worth $12,518,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Financial Sense Advisors Inc. bought a new stake in New Gold in the first quarter valued at $652,000. Foundry Partners LLC acquired a new position in shares of New Gold during the first quarter valued at $3,960,000. Dimensional Fund Advisors LP lifted its stake in shares of New Gold by 97.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock valued at $14,742,000 after acquiring an additional 2,931,470 shares during the period. Captrust Financial Advisors lifted its stake in shares of New Gold by 24.6% during the fourth quarter. Captrust Financial Advisors now owns 55,700 shares of the company's stock valued at $138,000 after acquiring an additional 11,000 shares during the period. Finally, Ritholtz Wealth Management acquired a new position in shares of New Gold during the first quarter valued at $116,000. 42.82% of the stock is currently owned by institutional investors.

New Gold Price Performance

NYSE NGD traded up $0.22 during midday trading on Monday, hitting $5.90. The company had a trading volume of 13,413,883 shares, compared to its average volume of 19,371,982. The company has a market capitalization of $4.67 billion, a PE ratio of 45.39 and a beta of 0.38. 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 firm has a 50-day moving average price of $4.84 and a 200-day moving average price of $4.09. New Gold Inc. has a twelve month low of $2.31 and a twelve month high of $5.92.

Analysts Set New Price Targets

NGD has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of New Gold from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Raymond James Financial upgraded New Gold to a "hold" rating and set a $4.00 price target for the company in a research note on Monday, June 30th. National Bankshares reiterated an "outperform" rating on shares of New Gold in a research note on Tuesday, June 24th. Finally, CIBC lifted their target price on New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a research note on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $4.38.

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.