Boston Partners Takes $2.26 Million Position in New Gold Inc. $NGD

Boston Partners bought a new stake in New Gold Inc. (NYSE:NGD) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 457,320 shares of the company’s stock, valued at approximately $2,264,000. Boston Partners owned 0.06% of New Gold as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Cary Street Partners Financial LLC acquired a new position in New Gold during the first quarter worth approximately $37,000. SBI Securities Co. Ltd. boosted its stake in shares of New Gold by 1,837.7% during the 2nd quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock worth $44,000 after acquiring an additional 8,472 shares during the period. Private Advisor Group LLC bought a new position in shares of New Gold during the 1st quarter worth approximately $50,000. Wealthspire Advisors LLC acquired a new position in shares of New Gold during the 2nd quarter worth approximately $50,000. Finally, Banque Cantonale Vaudoise acquired a new position in shares of New Gold during the 1st quarter worth approximately $56,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

New Gold Stock Performance

Shares of NYSE:NGD opened at $8.21 on Friday. New Gold Inc. has a 12-month low of $2.43 and a 12-month high of $8.38. The company’s 50 day moving average price is $7.06 and its two-hundred day moving average price is $5.72. The firm has a market cap of $6.50 billion, a PE ratio of 63.16 and a beta of 0.52. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Analysts Set New Price Targets

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

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.