The Manufacturers Life Insurance Company Buys 531,564 Shares of New Gold Inc. (NYSE:NGD)

The Manufacturers Life Insurance Company raised its position in New Gold Inc. (NYSE:NGD - Free Report) by 66.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,336,963 shares of the company's stock after purchasing an additional 531,564 shares during the quarter. The Manufacturers Life Insurance Company owned 0.17% of New Gold worth $3,335,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in NGD. SIH Partners LLLP acquired a new stake in New Gold during the 4th quarter worth about $27,000. Tudor Investment Corp ET AL acquired a new stake in New Gold during the fourth quarter worth approximately $27,000. DGS Capital Management LLC bought a new stake in New Gold in the fourth quarter worth approximately $30,000. Samalin Investment Counsel LLC acquired a new position in New Gold in the fourth quarter valued at approximately $32,000. Finally, Bank of Nova Scotia acquired a new stake in shares of New Gold during the 4th quarter worth approximately $68,000. Institutional investors and hedge funds own 42.82% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on NGD. National Bank Financial upgraded shares of New Gold to a "strong-buy" rating in a research report on Friday, March 21st. CIBC increased their price objective on shares of New Gold from $3.40 to $4.75 and gave the stock an "outperformer" rating in a research report on Thursday, May 8th. National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a research note on Wednesday, April 2nd. Scotiabank reissued an "outperform" rating on shares of New Gold in a research note on Monday, April 14th. Finally, StockNews.com raised New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $4.04.

New Gold Stock Performance

Shares of NYSE NGD traded up $0.05 during midday trading on Thursday, reaching $3.81. The company's stock had a trading volume of 10,895,167 shares, compared to its average volume of 12,937,404. The stock has a market capitalization of $3.01 billion, a P/E ratio of 29.35 and a beta of 0.54. The firm has a 50 day moving average price of $3.50 and a 200-day moving average price of $3.02. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. New Gold Inc. has a 12-month low of $1.80 and a 12-month high of $4.21.

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.