Bank of Montreal Can Has $24.20 Million Holdings in New Gold Inc. (NYSE:NGD)

Bank of Montreal Can raised its position in shares of New Gold Inc. (NYSE:NGD - Free Report) by 36.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,703,381 shares of the company's stock after acquiring an additional 2,613,285 shares during the period. Bank of Montreal Can owned approximately 1.23% of New Gold worth $24,203,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. DGS Capital Management LLC acquired a new stake in shares of New Gold during the fourth quarter worth $30,000. Samalin Investment Counsel LLC acquired a new position in New Gold during the 4th quarter worth $32,000. Generali Investments CEE investicni spolecnost a.s. acquired a new position in shares of New Gold during the fourth quarter valued at $74,000. Atria Wealth Solutions Inc. bought a new stake in shares of New Gold during the fourth quarter valued at about $87,000. Finally, Daiwa Securities Group Inc. acquired a new stake in New Gold in the fourth quarter worth about $103,000. Hedge funds and other institutional investors own 42.82% of the company's stock.

New Gold Stock Performance

NGD stock traded up $0.05 during mid-day trading on Tuesday, reaching $3.64. 18,400,731 shares of the stock traded hands, compared to its average volume of 11,354,935. 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 business has a 50-day moving average of $3.13 and a two-hundred day moving average of $2.89. The firm has a market capitalization of $2.88 billion, a PE ratio of 28.00 and a beta of 0.93. New Gold Inc. has a 52 week low of $1.66 and a 52 week high of $3.78.

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Wall Street Analysts Forecast Growth

NGD has been the subject of several recent analyst reports. Scotiabank increased their price objective on shares of New Gold from $4.25 to $4.75 and gave the company a "sector outperform" rating in a report on Monday. Raymond James set a $4.00 price target on New Gold and gave the company a "market perform" rating in a research report on Friday, April 4th. New Street Research set a $3.90 price target on shares of New Gold in a report on Wednesday, March 26th. National Bank Financial raised New Gold to a "strong-buy" rating in a research note on Friday, March 21st. Finally, Bank of America raised shares of New Gold from an "underperform" rating to a "buy" rating and lifted their target price for the stock from $2.60 to $3.90 in a research report on Wednesday, March 26th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $3.85.

New Gold 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.