Raymond James Financial Inc. Takes $1.92 Million Position in New Gold Inc. (NYSE:NGD)

Raymond James Financial Inc. acquired a new stake in New Gold Inc. (NYSE:NGD - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 773,323 shares of the company's stock, valued at approximately $1,918,000. Raymond James Financial Inc. owned approximately 0.10% of New Gold at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. DGS Capital Management LLC purchased a new stake in shares of New Gold during the 4th quarter worth approximately $30,000. Atria Wealth Solutions Inc. acquired a new position in New Gold in the fourth quarter valued at $87,000. Kohmann Bosshard Financial Services LLC increased its position in New Gold by 42.9% in the 4th quarter. Kohmann Bosshard Financial Services LLC now owns 50,000 shares of the company's stock valued at $124,000 after acquiring an additional 15,000 shares during the period. Bank of New York Mellon Corp raised its stake in shares of New Gold by 11.9% during the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company's stock worth $125,000 after purchasing an additional 5,331 shares during the last quarter. Finally, Captrust Financial Advisors raised its holdings in New Gold by 17.6% during the third quarter. Captrust Financial Advisors now owns 44,700 shares of the company's stock worth $129,000 after purchasing an additional 6,700 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company's stock.

New Gold Stock Down 2.2 %

NGD traded down $0.08 during trading hours on Thursday, reaching $3.54. 21,483,173 shares of the stock traded hands, compared to its average volume of 10,961,536. New Gold Inc. has a fifty-two week low of $1.66 and a fifty-two week high of $3.78. The company has a market cap of $2.80 billion, a price-to-earnings ratio of 27.23 and a beta of 1.35. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The firm's fifty day simple moving average is $3.06 and its two-hundred day simple moving average is $2.88.

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Analyst Ratings Changes

NGD has been the subject of several recent analyst reports. Bank of America upgraded shares of 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 research note on Wednesday, March 26th. National Bank Financial raised New Gold to a "strong-buy" rating in a research note on Friday, March 21st. New Street Research set a $3.90 target price on New Gold in a research note on Wednesday, March 26th. Scotiabank upped their target price on shares of New Gold from $3.50 to $4.00 and gave the company a "sector outperform" rating in a report on Thursday, February 13th. Finally, CIBC cut their price target on New Gold from $3.60 to $3.40 and set an "outperform" rating for the company in a report on Thursday, February 27th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $3.70.

New Gold Company 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.