CIBC Asset Management Inc Grows Stock Holdings in New Gold Inc. $NGD

CIBC Asset Management Inc lifted its stake in shares of New Gold Inc. (NYSE:NGD) by 31.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,462,328 shares of the company’s stock after purchasing an additional 347,846 shares during the quarter. CIBC Asset Management Inc owned 0.18% of New Gold worth $10,464,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in NGD. Employees Retirement System of Texas bought a new position in New Gold in the 2nd quarter worth about $32,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of New Gold in the third quarter worth approximately $41,000. SBI Securities Co. Ltd. raised its stake in 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 in the last quarter. Wealthspire Advisors LLC purchased a new stake in New Gold in the second quarter valued at approximately $50,000. Finally, Global Retirement Partners LLC lifted its position in New Gold by 190.7% during the third quarter. Global Retirement Partners LLC now owns 7,031 shares of the company’s stock valued at $50,000 after purchasing an additional 4,612 shares during the last quarter. Institutional investors own 42.82% of the company’s stock.

New Gold Stock Performance

Shares of NGD stock opened at $12.50 on Tuesday. The firm has a market capitalization of $9.90 billion, a price-to-earnings ratio of 96.16 and a beta of 0.62. The stock has a fifty day moving average of $8.97 and a 200 day moving average of $7.08. New Gold Inc. has a 52 week low of $2.60 and a 52 week high of $13.63. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NGD. CIBC raised their price objective on shares of New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research report on Friday, October 10th. Raymond James Financial reissued a “market perform” rating and issued a $7.00 target price on shares of New Gold in a research note on Friday, October 10th. TD Securities raised New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research note on Monday, December 1st. Scotiabank upped their price objective on New Gold to $12.75 and gave the stock an “outperform” rating in a report on Monday. Finally, National Bankshares reissued an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, New Gold presently has a consensus rating of “Buy” and an average 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.