Cardinal Point Capital Management ULC Acquires New Shares in New Gold Inc. $NGD

Cardinal Point Capital Management ULC acquired a new position in shares of New Gold Inc. (NYSE:NGD) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 205,600 shares of the company’s stock, valued at approximately $1,020,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Invesco Ltd. grew its position in New Gold by 16.9% during the 1st quarter. Invesco Ltd. now owns 15,761,737 shares of the company’s stock worth $58,476,000 after acquiring an additional 2,280,732 shares during the last quarter. American Century Companies Inc. grew its position in New Gold by 23.7% during the 1st quarter. American Century Companies Inc. now owns 15,149,653 shares of the company’s stock worth $56,033,000 after acquiring an additional 2,898,895 shares during the last quarter. JGP Global Gestao de Recursos Ltda. grew its position in New Gold by 64.4% during the 1st quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company’s stock worth $39,652,000 after acquiring an additional 4,187,997 shares during the last quarter. Amundi grew its position in New Gold by 42.2% during the 1st quarter. Amundi now owns 8,356,029 shares of the company’s stock worth $29,580,000 after acquiring an additional 2,478,303 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in New Gold by 74.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company’s stock worth $23,923,000 after acquiring an additional 2,760,692 shares during the last quarter. Institutional investors own 42.82% of the company’s stock.

New Gold Trading Up 0.6%

NYSE NGD opened at $6.46 on Friday. The business’s 50-day moving average price is $6.49 and its two-hundred day moving average price is $5.06. New Gold Inc. has a 12 month low of $2.43 and a 12 month high of $7.59. The firm has a market capitalization of $5.11 billion, a PE ratio of 49.70 and a beta of 0.46. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Raymond James Financial restated a “market perform” rating and set a $7.00 price objective on shares of New Gold in a research report on Friday, October 10th. Scotiabank upped their price target on New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a research report on Thursday. CIBC upped their price target on New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research report on Friday, October 10th. Finally, National Bankshares reiterated an “outperform” rating on shares of New Gold in a research report on Tuesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $6.46.

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.