New Gold Inc. $NGD Shares Bought by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership lifted its stake in New Gold Inc. (NYSE:NGD) by 89.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,812,369 shares of the company’s stock after buying an additional 13,591,642 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 3.64% of New Gold worth $143,011,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of NGD. Employees Retirement System of Texas acquired a new position in New Gold in the second quarter valued at approximately $32,000. Cary Street Partners Financial LLC acquired a new position in shares of New Gold in the 1st quarter valued at $37,000. SBI Securities Co. Ltd. boosted its holdings in New Gold by 1,837.7% during the second quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock worth $44,000 after buying an additional 8,472 shares in the last quarter. Wealthspire Advisors LLC acquired a new stake in New Gold during the second quarter valued at $50,000. Finally, Tradition Wealth Management LLC purchased a new position in New Gold in the first quarter valued at $56,000. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NGD. CIBC increased their target price on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research note on Friday, October 10th. National Bankshares reiterated an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. Raymond James Financial restated a “market perform” rating and issued a $7.00 price objective on shares of New Gold in a research report on Friday, October 10th. Scotiabank upped their target price on New Gold from $5.50 to $8.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. Finally, TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, New Gold currently has a consensus rating of “Buy” and an average price target of $7.38.

New Gold Stock Performance

Shares of NYSE:NGD opened at $8.03 on Wednesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. New Gold Inc. has a 1 year low of $2.43 and a 1 year high of $8.62. The firm has a market capitalization of $6.36 billion, a PE ratio of 61.77 and a beta of 0.65. The business’s 50 day moving average price is $7.11 and its 200-day moving average price is $5.79.

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.