New Gold Inc. (NYSE:NGD) Shares Purchased by Van ECK Associates Corp

Van ECK Associates Corp boosted its stake in New Gold Inc. (NYSE:NGD - Free Report) by 5.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 73,884,631 shares of the company's stock after purchasing an additional 3,541,882 shares during the period. Van ECK Associates Corp owned approximately 9.35% of New Gold worth $215,743,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Mackenzie Financial Corp grew its stake in shares of New Gold by 57.3% in the second quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company's stock valued at $32,229,000 after buying an additional 5,948,394 shares in the last quarter. Renaissance Technologies LLC grew its position in New Gold by 13.5% in the second quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company's stock valued at $39,217,000 after acquiring an additional 2,399,200 shares in the last quarter. Herr Investment Group LLC grew its position in New Gold by 40.4% in the second quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company's stock valued at $10,160,000 after acquiring an additional 1,499,745 shares in the last quarter. CIBC Asset Management Inc raised its stake in shares of New Gold by 196.2% during the second quarter. CIBC Asset Management Inc now owns 2,060,975 shares of the company's stock valued at $4,065,000 after purchasing an additional 1,365,089 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of New Gold by 684.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,466,500 shares of the company's stock worth $4,255,000 after purchasing an additional 1,279,500 shares in the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada lifted their price target on shares of New Gold from $3.00 to $3.50 and gave the stock an "outperform" rating in a research note on Tuesday, September 10th. Cibc World Mkts raised New Gold to a "strong-buy" rating in a report on Wednesday, July 10th. CIBC raised their price objective on New Gold from $3.00 to $3.40 and gave the company an "outperformer" rating in a research note on Wednesday, July 10th. StockNews.com upgraded New Gold from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. Finally, Scotiabank raised their price target on shares of New Gold from $2.75 to $3.25 and gave the stock a "sector outperform" rating in a research report on Tuesday, September 17th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $3.08.

New Gold Stock Performance

Shares of NYSE NGD traded up $0.02 during trading on Friday, reaching $2.77. The stock had a trading volume of 10,224,848 shares, compared to its average volume of 9,064,989. The company has a current ratio of 1.42, a quick ratio of 0.98 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $2.19 billion, a PE ratio of 138.50 and a beta of 1.31. New Gold Inc. has a one year low of $1.09 and a one year high of $3.25. The stock has a 50 day simple moving average of $2.81.

New Gold (NYSE:NGD - Get Free Report) last issued its earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.04 by $0.04. New Gold had a net margin of 2.33% and a return on equity of 9.38%. The company had revenue of $252.00 million for the quarter. On average, research analysts expect that New Gold Inc. will post 0.17 earnings per share for the current year.

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.