The Manufacturers Life Insurance Company Buys 531,564 Shares of New Gold Inc. (NYSE:NGD)

The Manufacturers Life Insurance Company increased its position in shares of New Gold Inc. (NYSE:NGD) by 66.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,336,963 shares of the company’s stock after buying an additional 531,564 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in New Gold were worth $3,335,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its holdings in shares of New Gold by 0.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock worth $3,669,000 after purchasing an additional 4,500 shares in the last quarter. Oxbow Advisors LLC boosted its stake in New Gold by 1.7% during the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company’s stock worth $687,000 after buying an additional 4,624 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in New Gold by 11.9% in the 4th quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock valued at $125,000 after buying an additional 5,331 shares during the period. Geode Capital Management LLC raised its stake in shares of New Gold by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock valued at $1,084,000 after buying an additional 7,394 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in shares of New Gold by 0.6% during the 4th quarter. Swiss National Bank now owns 1,566,862 shares of the company’s stock worth $3,911,000 after acquiring an additional 9,500 shares during the period. 42.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. National Bankshares reissued an “outperform” rating on shares of New Gold in a research note on Wednesday, April 2nd. StockNews.com raised New Gold from a “hold” rating to a “buy” rating in a report on Friday. CIBC boosted their price target on New Gold from $3.40 to $4.75 and gave the company an “outperformer” rating in a research note on Thursday. National Bank Financial upgraded New Gold to a “strong-buy” rating in a research note on Friday, March 21st. Finally, Raymond James set a $4.00 target price on shares of New Gold and gave the company a “market perform” rating in a research note on Friday, April 4th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, New Gold currently has an average rating of “Buy” and a consensus target price of $4.04.

New Gold Stock Performance

Shares of NYSE:NGD opened at $4.18 on Friday. The business has a fifty day moving average of $3.44 and a 200-day moving average of $3.00. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. New Gold Inc. has a twelve month low of $1.74 and a twelve month high of $4.21. The firm has a market cap of $3.31 billion, a PE ratio of 32.16 and a beta of 0.54.

New Gold Company 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.