Canada Pension Plan Investment Board Takes $6.11 Million Position in New Gold Inc. (NYSE:NGD)

Canada Pension Plan Investment Board purchased a new position in New Gold Inc. (NYSE:NGD - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 2,450,100 shares of the company's stock, valued at approximately $6,111,000. Canada Pension Plan Investment Board owned approximately 0.31% of New Gold at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. HighTower Advisors LLC lifted its stake in New Gold by 505.1% in the 3rd quarter. HighTower Advisors LLC now owns 111,360 shares of the company's stock worth $320,000 after acquiring an additional 92,956 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of New Gold by 2.0% during the third quarter. Geode Capital Management LLC now owns 372,373 shares of the company's stock worth $1,084,000 after purchasing an additional 7,394 shares during the period. Virtu Financial LLC purchased a new position in New Gold during the third quarter valued at approximately $941,000. Lord Abbett & CO. LLC acquired a new position in New Gold in the 3rd quarter valued at approximately $4,435,000. Finally, DGS Capital Management LLC purchased a new stake in New Gold in the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 42.82% of the company's stock.

Analyst Ratings Changes

NGD has been the subject of several recent research reports. CIBC cut their price objective on New Gold from $3.60 to $3.40 and set an "outperform" rating for the company in a report on Thursday, February 27th. Raymond James set a $4.00 price target on New Gold and gave the company a "market perform" rating in a report on Friday, April 4th. National Bank Financial upgraded New Gold to a "strong-buy" rating in a report on Friday, March 21st. National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a research report on Wednesday, April 2nd. Finally, Scotiabank reissued an "outperform" rating on shares of New Gold in a research report on Monday, April 14th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $3.85.

New Gold Stock Performance

NYSE:NGD traded down $0.07 during midday trading on Friday, reaching $3.39. The stock had a trading volume of 21,416,944 shares, compared to its average volume of 11,986,473. The stock has a market capitalization of $2.68 billion, a P/E ratio of 26.08 and a beta of 0.93. 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 1-year low of $1.73 and a 1-year high of $3.86. The firm's fifty day simple moving average is $3.22 and its 200-day simple moving average is $2.93.

About New Gold

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.