Gotham Asset Management LLC Has $3.70 Million Position in New Gold Inc. (NYSE:NGD)

Gotham Asset Management LLC lifted its stake in New Gold Inc. (NYSE:NGD) by 102.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,490,211 shares of the company’s stock after acquiring an additional 753,220 shares during the quarter. Gotham Asset Management LLC’s holdings in New Gold were worth $3,696,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. DGS Capital Management LLC bought a new stake in shares of New Gold in the 4th quarter valued at approximately $30,000. Caprock Group LLC lifted its stake in shares of New Gold by 118.2% in the 4th quarter. Caprock Group LLC now owns 1,745,627 shares of the company’s stock valued at $4,329,000 after purchasing an additional 945,453 shares during the last quarter. JGP Global Gestao de Recursos Ltda. boosted its holdings in New Gold by 27.8% in the fourth quarter. JGP Global Gestao de Recursos Ltda. now owns 6,500,000 shares of the company’s stock worth $16,120,000 after purchasing an additional 1,412,003 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in New Gold by 0.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock worth $3,669,000 after buying an additional 4,500 shares during the last quarter. Finally, CIBC Asset Management Inc raised its holdings in New Gold by 3.7% during the fourth quarter. CIBC Asset Management Inc now owns 2,183,620 shares of the company’s stock valued at $5,441,000 after buying an additional 78,074 shares in the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on NGD. CIBC upped their price target on New Gold from $3.40 to $4.75 and gave the stock an “outperformer” rating in a research note on Thursday, May 8th. Bank of America upgraded New Gold from an “underperform” rating to a “buy” rating and boosted their target price for the stock from $2.60 to $3.90 in a report on Wednesday, March 26th. Raymond James set a $4.00 price target on New Gold and gave the company a “market perform” rating in a report on Friday, April 4th. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, May 9th. Finally, National Bank Financial raised shares of New Gold to a “strong-buy” rating in a report on Friday, March 21st. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, New Gold presently has a consensus rating of “Buy” and a consensus target price of $4.04.

New Gold Stock Performance

Shares of NYSE NGD opened at $3.76 on Thursday. New Gold Inc. has a 12 month low of $1.80 and a 12 month high of $4.21. The company has a market cap of $2.98 billion, a P/E ratio of 28.93 and a beta of 0.54. The business’s 50 day moving average is $3.50 and its two-hundred day moving average is $3.02. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

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.