Cibc World Market Inc. Grows Stake in New Gold Inc. $NGD

Cibc World Market Inc. lifted its stake in New Gold Inc. (NYSE:NGD) by 13.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,681,614 shares of the company’s stock after purchasing an additional 562,360 shares during the quarter. Cibc World Market Inc. owned 0.59% of New Gold worth $33,531,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC purchased a new position in New Gold in the third quarter worth about $41,000. Employees Retirement System of Texas bought a new position in New Gold in the 2nd quarter valued at approximately $32,000. Global Retirement Partners LLC increased its holdings in shares of New Gold by 190.7% in the 3rd quarter. Global Retirement Partners LLC now owns 7,031 shares of the company’s stock worth $50,000 after purchasing an additional 4,612 shares in the last quarter. Byrne Asset Management LLC bought a new position in shares of New Gold during the third quarter valued at $60,000. Finally, SBI Securities Co. Ltd. increased its holdings in New Gold by 1,837.7% in the 2nd 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. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Trading Up 0.5%

NYSE:NGD opened at $11.38 on Thursday. New Gold Inc. has a one year low of $2.60 and a one year high of $13.63. The business has a fifty day moving average price of $9.81 and a 200-day moving average price of $7.61. The firm has a market capitalization of $9.01 billion, a price-to-earnings ratio of 87.55 and a beta of 0.59. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

Analyst Ratings Changes

A number of analysts have recently issued reports on NGD shares. Zacks Research raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 27th. Scotiabank raised their target price on shares of New Gold to $12.75 and gave the stock an “outperform” rating in a report on Monday, January 26th. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Monday, December 1st. Finally, National Bank Financial reissued an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, New Gold currently has a consensus rating of “Buy” and a consensus target price of $8.18.

New Gold Company 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.