Russell Investments Group Ltd. boosted its position in shares of New Gold Inc. (NYSE:NGD - Free Report) by 213.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 512,510 shares of the company's stock after purchasing an additional 349,167 shares during the period. Russell Investments Group Ltd. owned about 0.06% of New Gold worth $1,273,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. DGS Capital Management LLC acquired a new position in shares of New Gold during the fourth quarter worth about $30,000. Samalin Investment Counsel LLC acquired a new position in New Gold during the 4th quarter worth approximately $32,000. Generali Investments CEE investicni spolecnost a.s. acquired a new position in New Gold during the 4th quarter worth approximately $74,000. Atria Wealth Solutions Inc. bought a new position in shares of New Gold during the 4th quarter worth approximately $87,000. Finally, Daiwa Securities Group Inc. acquired a new stake in shares of New Gold in the fourth quarter valued at approximately $103,000. Institutional investors and hedge funds own 42.82% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on NGD. National Bankshares restated an "outperform" rating on shares of New Gold in a report on Wednesday, April 2nd. Bank of America upgraded New Gold from an "underperform" rating to a "buy" rating and raised their price objective for the company from $2.60 to $3.90 in a report 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 report on Friday, April 4th. New Street Research set a $3.90 price target on New Gold in a research note on Wednesday, March 26th. Finally, National Bank Financial upgraded New Gold to a "strong-buy" rating in a research note on Friday, March 21st. 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, New Gold currently has an average rating of "Buy" and an average price target of $3.85.
Read Our Latest Stock Analysis on NGD
New Gold Stock Performance
Shares of NGD traded down $0.07 during mid-day trading on Friday, reaching $3.40. The company's stock had a trading volume of 9,568,716 shares, compared to its average volume of 11,917,747. The business has a 50-day simple moving average of $3.22 and a two-hundred day simple moving average of $2.93. New Gold Inc. has a 1-year low of $1.69 and a 1-year high of $3.86. The stock has a market cap of $2.69 billion, a P/E ratio of 26.04 and a beta of 0.93. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.
New Gold Company Profile
(
Free Report)
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.
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