New Gold (NYSE:NGD) Sets New 1-Year High - Here's What Happened

Key Points

• New Gold Inc. reached a new 52-week high during trading, hitting $6.07, with a last trading price of $5.85 and a total volume of 756,912 shares.
• Analysts have upgraded their ratings on New Gold, with CIBC raising the price target to $6.25 while maintaining an "outperformer" rating, and multiple firms adjusting their recommendations positively.
• Institutional investors are increasingly acquiring shares, with notable increases in stakes by Arrowstreet Capital and JPMorgan Chase, reflecting a growing interest in the company.

New Gold Inc. (NYSE:NGD - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $6.07 and last traded at $5.85, with a volume of 756912 shares. The stock had previously closed at $5.90.

Analyst Ratings Changes

A number of analysts recently issued reports on NGD shares. 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 report on Tuesday, July 15th. National Bankshares reissued an "outperform" rating on shares of New Gold in a report on Tuesday, June 24th. Raymond James Financial raised shares of New Gold to a "hold" rating and set a $4.00 price target on the stock in a report on Monday, June 30th. Finally, Wall Street Zen raised shares of New Gold from a "hold" rating to a "buy" rating in a report on Friday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $4.38.

New Gold Trading Up 1.8%

The company's 50 day moving average price is $4.86 and its 200 day moving average price is $4.11. 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 firm has a market cap of $4.75 billion, a PE ratio of 46.12 and a beta of 0.38.

Institutional Trading of New Gold

Several hedge funds have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership raised its holdings in New Gold by 89.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company's stock worth $143,011,000 after purchasing an additional 13,591,642 shares in the last quarter. Pale Fire Capital SE acquired a new position in New Gold in the 1st quarter valued at $23,920,000. JPMorgan Chase & Co. grew its stake in shares of New Gold by 86.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 11,465,579 shares of the company's stock worth $56,755,000 after purchasing an additional 5,314,473 shares during the period. JGP Global Gestao de Recursos Ltda. grew its stake in shares of New Gold by 64.4% during the 1st quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company's stock worth $39,652,000 after purchasing an additional 4,187,997 shares during the period. Finally, Cubist Systematic Strategies LLC grew its stake in New Gold by 872.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 3,673,684 shares of the company's stock valued at $18,211,000 after acquiring an additional 3,295,905 shares during the last quarter. Institutional investors and hedge funds own 42.82% of the company's stock.

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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