235,612 Shares in New Gold Inc. (NYSE:NGD) Bought by Garden State Investment Advisory Services LLC

Garden State Investment Advisory Services LLC bought a new position in New Gold Inc. (NYSE:NGD - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 235,612 shares of the company's stock, valued at approximately $584,000.

Several other large investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its holdings in shares of New Gold by 0.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company's stock worth $3,669,000 after buying an additional 4,500 shares during the period. Oxbow Advisors LLC increased its stake in New Gold by 1.7% in the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company's stock worth $687,000 after purchasing an additional 4,624 shares during the period. Bank of New York Mellon Corp lifted its position in shares of New Gold by 11.9% during the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company's stock worth $125,000 after purchasing an additional 5,331 shares during the last quarter. Captrust Financial Advisors boosted its stake in shares of New Gold by 17.6% during the third quarter. Captrust Financial Advisors now owns 44,700 shares of the company's stock valued at $129,000 after purchasing an additional 6,700 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of New Gold by 2.0% in 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 last quarter. 42.82% of the stock is owned by institutional investors.

New Gold Trading Down 2.7 %

NGD stock traded down $0.10 during midday trading on Friday, hitting $3.64. 23,362,842 shares of the company's stock were exchanged, compared to its average volume of 11,505,908. New Gold Inc. has a 1-year low of $1.66 and a 1-year high of $3.86. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $2.88 billion, a PE ratio of 28.00 and a beta of 0.93. The business has a 50-day simple moving average of $3.17 and a two-hundred day simple moving average of $2.91.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NGD. New Street Research set a $3.90 target price on shares of New Gold in a research note on Wednesday, March 26th. Scotiabank restated an "outperform" rating on shares of New Gold in a report on Monday, April 14th. CIBC lowered their target price 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 research note on Friday, April 4th. Finally, Bank of America raised shares of New Gold from an "underperform" rating to a "buy" rating and upped their price objective for the stock from $2.60 to $3.90 in a research note on Wednesday, March 26th. Two equities research 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus 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.