New Gold Inc. (NYSE:NGD) Shares Purchased by Intact Investment Management Inc.

Intact Investment Management Inc. boosted its position in New Gold Inc. (NYSE:NGD - Free Report) by 9.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,329,400 shares of the company's stock after buying an additional 200,000 shares during the quarter. Intact Investment Management Inc. owned 0.29% of New Gold worth $6,752,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Scientech Research LLC acquired a new stake in New Gold during the 2nd quarter valued at approximately $28,000. Coppell Advisory Solutions Corp. acquired a new stake in New Gold in the first quarter valued at $30,000. Allworth Financial LP boosted its stake in New Gold by 941.8% during the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company's stock valued at $30,000 after acquiring an additional 9,418 shares during the last quarter. Eastern Bank bought a new stake in shares of New Gold in the 3rd quarter worth about $33,000. Finally, Rathbones Group PLC acquired a new stake in shares of New Gold in the 2nd quarter valued at about $36,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Stock Down 0.4 %

NYSE NGD traded down $0.01 on Monday, hitting $2.76. The stock had a trading volume of 6,922,286 shares, compared to its average volume of 8,142,776. The firm's 50-day simple moving average is $2.81. New Gold Inc. has a one year low of $1.09 and a one year high of $3.25. The stock has a market cap of $2.18 billion, a PE ratio of 139.50 and a beta of 1.31. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.98 and a current ratio of 1.42.

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

Analyst Ratings Changes

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

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.