BNP Paribas Financial Markets Increases Stock Position in New Gold Inc. (NYSE:NGD)

BNP Paribas Financial Markets increased its position in shares of New Gold Inc. (NYSE:NGD - Free Report) by 9,360.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,692,614 shares of the company's stock after purchasing an additional 2,664,153 shares during the period. BNP Paribas Financial Markets owned 0.34% of New Gold worth $7,755,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of NGD. The Manufacturers Life Insurance Company boosted its position in shares of New Gold by 22.7% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 805,399 shares of the company's stock worth $2,337,000 after acquiring an additional 148,743 shares in the last quarter. Dynamic Technology Lab Private Ltd lifted its stake in New Gold by 326.2% during the third quarter. Dynamic Technology Lab Private Ltd now owns 59,744 shares of the company's stock worth $172,000 after purchasing an additional 45,726 shares during the last quarter. Pekin Hardy Strauss Inc. boosted its holdings in New Gold by 43.8% in the third quarter. Pekin Hardy Strauss Inc. now owns 262,750 shares of the company's stock valued at $757,000 after purchasing an additional 80,000 shares in the last quarter. CIBC Asset Management Inc increased its stake in New Gold by 2.2% in the third quarter. CIBC Asset Management Inc now owns 2,105,546 shares of the company's stock valued at $6,105,000 after purchasing an additional 44,571 shares during the last quarter. Finally, Plato Investment Management Ltd acquired a new stake in New Gold during the third quarter worth approximately $226,000. Hedge funds and other institutional investors own 42.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Royal Bank of Canada increased their target price on shares of New Gold from $3.00 to $3.50 and gave the company an "outperform" rating in a research report on Tuesday, September 10th. Scotiabank lifted their target price on New Gold from $2.75 to $3.25 and gave the stock a "sector outperform" rating in a research report on Tuesday, September 17th. Finally, StockNews.com raised New Gold from a "hold" rating to a "buy" rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $3.41.

New Gold Stock Performance

Shares of NYSE NGD traded up $0.19 during midday trading on Tuesday, reaching $2.91. 10,118,690 shares of the company were exchanged, compared to its average volume of 8,253,040. The stock has a market cap of $2.30 billion, a P/E ratio of 146.00 and a beta of 1.32. New Gold Inc. has a 1 year low of $1.09 and a 1 year high of $3.25. The stock has a fifty day simple moving average of $2.81 and a 200 day simple moving average of $2.47. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45.

New Gold (NYSE:NGD - Get Free Report) last announced its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.04. New Gold had a return on equity of 9.38% and a net margin of 2.33%. The company had revenue of $252.00 million for the quarter. On average, research analysts forecast that New Gold Inc. will post 0.18 earnings per share for the current fiscal year.

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.