Bank of New York Mellon Corp Purchases 20,436 Shares of New Gold Inc. (NYSE:NGD)

Bank of New York Mellon Corp lifted its position in shares of New Gold Inc. (NYSE:NGD) by 40.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 70,728 shares of the company’s stock after acquiring an additional 20,436 shares during the period. Bank of New York Mellon Corp’s holdings in New Gold were worth $262,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SIH Partners LLLP bought a new stake in shares of New Gold during the fourth quarter valued at approximately $27,000. Tudor Investment Corp ET AL bought a new stake in New Gold in the 4th quarter worth approximately $27,000. Schonfeld Strategic Advisors LLC bought a new stake in New Gold in the 4th quarter worth approximately $39,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in New Gold in the 4th quarter worth approximately $43,000. Finally, OMERS ADMINISTRATION Corp bought a new stake in New Gold in the 4th quarter worth approximately $55,000. Institutional investors own 42.82% of the company’s stock.

Analysts Set New Price Targets

NGD has been the subject of a number of research analyst reports. CIBC lifted their target price on shares of New Gold from $5.50 to $6.25 and gave the stock an “outperformer” rating in a research report on Tuesday, July 15th. Wall Street Zen raised shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, May 9th. Raymond James Financial raised shares of New Gold to a “hold” rating and set a $4.00 price objective for the company in a research report on Monday, June 30th. Scotiabank reissued an “outperform” rating on shares of New Gold in a research report on Monday, April 14th. Finally, National Bankshares reissued an “outperform” rating on shares of New Gold in a research report on Tuesday, June 24th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, New Gold presently has an average rating of “Buy” and an average target price of $4.38.

New Gold Stock Up 3.6%

Shares of NGD stock opened at $4.57 on Wednesday. The stock has a market cap of $3.62 billion, a P/E ratio of 35.16 and a beta of 0.38. New Gold Inc. has a 52 week low of $2.04 and a 52 week high of $5.16. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The company’s fifty day simple moving average is $4.66 and its two-hundred day simple moving average is $3.79.

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.