Public Employees Retirement System of Ohio Purchases Shares of 242,508 New Gold Inc. (NYSE:NGD)

Public Employees Retirement System of Ohio purchased a new stake in New Gold Inc. (NYSE:NGD - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 242,508 shares of the company's stock, valued at approximately $704,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of New Gold during the 2nd quarter worth approximately $458,000. Allspring Global Investments Holdings LLC purchased a new position in New Gold during the second quarter worth $365,000. K.J. Harrison & Partners Inc acquired a new position in shares of New Gold in the second quarter worth $602,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of New Gold by 67.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 122,622 shares of the company's stock worth $242,000 after acquiring an additional 49,246 shares during the last quarter. Finally, Intact Investment Management Inc. lifted its position in shares of New Gold by 52.2% in the second quarter. Intact Investment Management Inc. now owns 2,129,400 shares of the company's stock valued at $4,202,000 after acquiring an additional 730,700 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Scotiabank boosted their target price on shares of New Gold from $2.75 to $3.25 and gave the company a "sector outperform" rating in a research note on Tuesday, September 17th. Royal Bank of Canada boosted their price objective on shares of New Gold from $3.00 to $3.50 and gave the company an "outperform" rating in a research report on Tuesday, September 10th. Finally, StockNews.com upgraded shares of New Gold from a "hold" rating to a "buy" rating in a research report on Friday, October 25th. One analyst has rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $3.41.

New Gold Trading Up 1.2 %

New Gold stock traded up $0.03 during trading on Friday, reaching $2.51. The company had a trading volume of 13,763,320 shares, compared to its average volume of 8,281,923. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of 125.50 and a beta of 1.32. New Gold Inc. has a 12-month low of $1.09 and a 12-month high of $3.25. The stock's 50 day moving average price is $2.78 and its two-hundred day moving average price is $2.53.

New Gold (NYSE:NGD - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.04. The company had revenue of $252.00 million during the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. As a group, equities analysts expect that New Gold Inc. will post 0.18 earnings per share for the current fiscal 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.