New Gold Inc. (NYSE:NGD) Shares Bought by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. increased its position in shares of New Gold Inc. (NYSE:NGD - Free Report) by 97.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,482,782 shares of the company's stock after purchasing an additional 4,671,399 shares during the period. New Gold makes up 1.2% of Hillsdale Investment Management Inc.'s portfolio, making the stock its 19th largest holding. Hillsdale Investment Management Inc. owned about 1.20% of New Gold worth $23,657,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. DGS Capital Management LLC bought a new position in New Gold during the 4th quarter worth about $30,000. Generali Investments CEE investicni spolecnost a.s. acquired a new stake in shares of New Gold in the 4th quarter worth $74,000. Atria Wealth Solutions Inc. purchased a new stake in shares of New Gold during the fourth quarter worth about $87,000. Daiwa Securities Group Inc. acquired a new position in New Gold during the 4th quarter valued at approximately $103,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of New Gold in the 4th quarter valued at $107,000. 42.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on NGD shares. Scotiabank raised their target price on shares of New Gold from $3.50 to $4.00 and gave the stock a "sector outperform" rating in a report on Thursday, February 13th. National Bank Financial upgraded shares of New Gold to a "strong-buy" rating in a research report on Friday, March 21st. CIBC decreased their price target on shares of New Gold from $3.60 to $3.40 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. Finally, Bank of America raised New Gold from an "underperform" rating to a "buy" rating and increased their price target for the company from $2.60 to $3.90 in a report on Wednesday. One analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $3.66.

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New Gold Price Performance

Shares of NYSE NGD traded up $0.10 during midday trading on Wednesday, hitting $3.47. The company had a trading volume of 27,180,857 shares, compared to its average volume of 10,451,278. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The business has a 50-day simple moving average of $2.97 and a two-hundred day simple moving average of $2.84. New Gold Inc. has a twelve month low of $1.58 and a twelve month high of $3.54. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of 26.69 and a beta of 1.35.

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.