AE Wealth Management LLC Makes New Investment in New Gold Inc. $NGD

AE Wealth Management LLC purchased a new position in New Gold Inc. (NYSE:NGD) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 18,313 shares of the company’s stock, valued at approximately $91,000.

Other hedge funds also recently modified their holdings of the company. Invenomic Capital Management LP increased its stake in New Gold by 1.6% during the 1st quarter. Invenomic Capital Management LP now owns 3,411,752 shares of the company’s stock worth $12,658,000 after purchasing an additional 52,360 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in New Gold by 12.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,783,000 shares of the company’s stock valued at $13,845,000 after buying an additional 312,000 shares in the last quarter. Financial Sense Advisors Inc. acquired a new position in shares of New Gold in the first quarter valued at approximately $652,000. Plato Investment Management Ltd boosted its holdings in shares of New Gold by 80.4% in the second quarter. Plato Investment Management Ltd now owns 108,318 shares of the company’s stock valued at $535,000 after buying an additional 48,264 shares during the period. Finally, Impala Asset Management LLC increased its position in shares of New Gold by 47.1% during the first quarter. Impala Asset Management LLC now owns 1,000,000 shares of the company’s stock worth $3,710,000 after acquiring an additional 320,000 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Performance

NGD opened at $6.95 on Wednesday. The business’s 50-day simple moving average is $6.93 and its 200 day simple moving average is $5.54. New Gold Inc. has a 52-week low of $2.43 and a 52-week high of $7.75. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The firm has a market capitalization of $5.50 billion, a PE ratio of 53.47 and a beta of 0.52.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. TD Securities reaffirmed a “hold” rating and issued a $7.50 price objective on shares of New Gold in a research report on Thursday, October 30th. CIBC lifted their price target on New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research note on Friday, October 10th. Raymond James Financial restated a “market perform” rating and issued a $7.00 price target on shares of New Gold in a report on Friday, October 10th. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. Finally, Scotiabank increased their price objective on New Gold from $5.50 to $8.00 and gave the stock an “outperform” rating in a report on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, New Gold has an average rating of “Moderate Buy” and a consensus target price of $6.63.

New Gold 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.