Blue Trust Inc. Takes Position in New Gold Inc. $NGD

Blue Trust Inc. acquired a new position in New Gold Inc. (NYSE:NGD) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 78,193 shares of the company’s stock, valued at approximately $561,000.

Other hedge funds have also recently bought and sold shares of the company. Employees Retirement System of Texas bought a new stake in New Gold during the second quarter worth approximately $32,000. SBI Securities Co. Ltd. raised its position in shares of New Gold by 1,837.7% in the second quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock valued at $44,000 after purchasing an additional 8,472 shares during the period. Wealthspire Advisors LLC acquired a new stake in shares of New Gold in the second quarter worth $50,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of New Gold by 16,046.6% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 11,787 shares of the company’s stock worth $58,000 after buying an additional 11,714 shares during the period. Finally, Main Street Financial Solutions LLC bought a new stake in shares of New Gold during the 2nd quarter worth $83,000. 42.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NGD has been the topic of a number of research analyst reports. TD Securities raised New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a report on Monday, December 1st. Raymond James Financial restated a “market perform” rating and issued a $7.00 price objective on shares of New Gold in a research note on Friday, October 10th. CIBC boosted their target price on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research report on Friday, October 10th. National Bankshares reissued an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Finally, Scotiabank raised their price target on shares of New Gold from $5.50 to $8.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, New Gold presently has an average rating of “Buy” and an average target price of $7.38.

New Gold Stock Up 2.8%

NYSE NGD opened at $9.33 on Monday. New Gold Inc. has a 1-year low of $2.43 and a 1-year high of $9.59. The company has a market capitalization of $7.39 billion, a price-to-earnings ratio of 71.77 and a beta of 0.65. The stock’s 50 day moving average is $7.58 and its two-hundred day moving average is $6.29. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

New Gold Profile

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.