New Gold (NYSE:NGD) Reaches New 52-Week High - Here's Why

Key Points

• New Gold Inc. hit a new 52-week high of $7.21 and last traded at $7.15, with a trading volume of over 1.14 million shares.
• Various analysts have rated New Gold with an overall consensus of a Buy and an average price target of $4.56, though some ratings vary from "Strong Buy" to "Hold".
• Institutional investors hold about 42.82% of New Gold's stock, with significant increases in stakes from major hedge funds in recent quarters.

New Gold Inc. (NYSE:NGD - Get Free Report) shares hit a new 52-week high on Monday . The company traded as high as $7.21 and last traded at $7.15, with a volume of 1146139 shares. The stock had previously closed at $6.83.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Raymond James Financial raised New Gold to a "hold" rating and set a $4.00 price target on the stock in a research note on Monday, June 30th. National Bankshares reissued an "outperform" rating on shares of New Gold in a research note on Tuesday, September 9th. Finally, CIBC lifted their target price on New Gold from $5.50 to $6.25 and gave the company an "outperformer" rating in a research note on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $4.56.

New Gold Stock Up 2.4%

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 $5.54 billion, a P/E ratio of 53.73 and a beta of 0.43. The firm has a 50-day moving average price of $5.54 and a two-hundred day moving average price of $4.60.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership increased its stake in shares of New Gold by 89.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company's stock valued at $143,011,000 after buying an additional 13,591,642 shares in the last quarter. Invesco Ltd. increased its stake in shares of New Gold by 16.9% in the first quarter. Invesco Ltd. now owns 15,761,737 shares of the company's stock valued at $58,476,000 after buying an additional 2,280,732 shares in the last quarter. American Century Companies Inc. increased its stake in shares of New Gold by 3.0% in the second quarter. American Century Companies Inc. now owns 15,610,823 shares of the company's stock valued at $77,586,000 after buying an additional 461,170 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of New Gold by 86.4% in the second quarter. JPMorgan Chase & Co. now owns 11,465,579 shares of the company's stock valued at $56,755,000 after buying an additional 5,314,473 shares in the last quarter. Finally, JGP Global Gestao de Recursos Ltda. boosted its holdings in New Gold by 64.4% in the first quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company's stock valued at $39,652,000 after acquiring an additional 4,187,997 shares during the last quarter. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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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