New Gold Inc. (NYSE:NGD) Stake Increased by Bank of America Corp DE

Bank of America Corp DE grew its holdings in New Gold Inc. (NYSE:NGD) by 46.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,925,231 shares of the company’s stock after purchasing an additional 2,504,157 shares during the period. Bank of America Corp DE owned approximately 1.00% of New Gold worth $19,655,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Allspring Global Investments Holdings LLC grew its position in New Gold by 0.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock valued at $3,669,000 after purchasing an additional 4,500 shares in the last quarter. Oxbow Advisors LLC raised its holdings in shares of New Gold by 1.7% during the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company’s stock worth $687,000 after acquiring an additional 4,624 shares in the last quarter. Bank of New York Mellon Corp raised its holdings 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 acquiring an additional 5,331 shares in the last quarter. Swiss National Bank raised its holdings in shares of New Gold by 0.6% during the fourth quarter. Swiss National Bank now owns 1,566,862 shares of the company’s stock worth $3,911,000 after acquiring an additional 9,500 shares in the last quarter. Finally, TD Waterhouse Canada Inc. raised its holdings in shares of New Gold by 11.6% during the fourth quarter. TD Waterhouse Canada Inc. now owns 92,967 shares of the company’s stock worth $230,000 after acquiring an additional 9,668 shares in the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Stock Up 3.4%

Shares of NGD opened at $3.90 on Tuesday. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of 30.00 and a beta of 0.54. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. New Gold Inc. has a 12 month low of $1.86 and a 12 month high of $4.21. The company has a 50-day moving average price of $3.56 and a two-hundred day moving average price of $3.05.

Analyst Upgrades and Downgrades

NGD has been the subject of several recent research reports. New Street Research set a $3.90 price objective on New Gold in a report on Wednesday, March 26th. National Bank Financial raised New Gold to a “strong-buy” rating in a research report on Friday, March 21st. Raymond James set a $4.00 target price on New Gold and gave the stock a “market perform” rating in a research report on Friday, April 4th. National Bankshares reissued an “outperform” rating on shares of New Gold in a research report on Wednesday, April 2nd. Finally, Scotiabank reissued an “outperform” rating on shares of New Gold in a research report on Monday, April 14th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $4.04.

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.