Franklin Resources Inc. Increases Stock Holdings in New Gold Inc. (NYSE:NGD)

Franklin Resources Inc. raised its position in shares of New Gold Inc. (NYSE:NGD - Free Report) by 1.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,496,204 shares of the company's stock after acquiring an additional 110,500 shares during the quarter. Franklin Resources Inc. owned approximately 1.07% of New Gold worth $21,073,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP purchased a new position in shares of New Gold in the 4th quarter valued at approximately $2,830,000. Heartland Advisors Inc. lifted its position in New Gold by 3.2% during the fourth quarter. Heartland Advisors Inc. now owns 4,840,650 shares of the company's stock valued at $12,005,000 after buying an additional 148,450 shares during the period. Artisan Partners Limited Partnership lifted its position in New Gold by 57.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 104,000 shares of the company's stock valued at $258,000 after buying an additional 38,000 shares during the period. LPL Financial LLC boosted its holdings in shares of New Gold by 9.3% during the 4th quarter. LPL Financial LLC now owns 143,964 shares of the company's stock valued at $357,000 after buying an additional 12,292 shares in the last quarter. Finally, Samalin Investment Counsel LLC purchased a new stake in shares of New Gold in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 42.82% of the company's stock.

Wall Street Analysts Forecast Growth

NGD has been the topic of a number of recent research reports. New Street Research set a $3.90 price objective on shares of New Gold in a report on Wednesday, March 26th. Bank of America upgraded New Gold from an "underperform" rating to a "buy" rating and lifted their price objective for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. Raymond James set a $4.00 target price on New Gold and gave the stock a "market perform" rating in a research note on Friday, April 4th. National Bank Financial raised New Gold to a "strong-buy" rating in a research report on Friday, March 21st. Finally, National Bankshares reiterated an "outperform" rating on shares of New Gold in a research note on Wednesday, April 2nd. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $3.78.

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New Gold Stock Performance

Shares of NYSE NGD traded up $0.17 during trading on Friday, reaching $3.57. 21,383,355 shares of the company traded hands, compared to its average volume of 11,304,237. The firm has a 50 day simple moving average of $3.11 and a 200-day simple moving average of $2.89. New Gold Inc. has a 52-week low of $1.66 and a 52-week high of $3.78. The stock has a market capitalization of $2.83 billion, a PE ratio of 27.46 and a beta of 0.93. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

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.