New Gold Inc. (NYSE:NGD) Shares Acquired by Bank of Montreal Can

Bank of Montreal Can increased its stake in shares of New Gold Inc. (NYSE:NGD) by 36.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,703,381 shares of the company’s stock after purchasing an additional 2,613,285 shares during the period. Bank of Montreal Can’s holdings in New Gold were worth $24,203,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NGD. DGS Capital Management LLC purchased a new position in New Gold in the 4th quarter valued at about $30,000. Samalin Investment Counsel LLC purchased a new stake in shares of New Gold during the fourth quarter worth about $32,000. Generali Investments CEE investicni spolecnost a.s. acquired a new position in shares of New Gold in the fourth quarter valued at approximately $74,000. Atria Wealth Solutions Inc. purchased a new position in shares of New Gold during the fourth quarter valued at approximately $87,000. Finally, Daiwa Securities Group Inc. acquired a new stake in New Gold during the fourth quarter worth approximately $103,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on NGD. Bank of America upgraded New Gold from an “underperform” rating to a “buy” rating and boosted their price target for the company from $2.60 to $3.90 in a report on Wednesday, March 26th. CIBC dropped their target price on New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Raymond James set a $4.00 target price on New Gold and gave the stock a “market perform” rating in a research report on Friday, April 4th. National Bank Financial upgraded New Gold to a “strong-buy” rating in a report on Friday, March 21st. Finally, Scotiabank increased their price objective on shares of New Gold from $4.00 to $4.25 and gave the stock a “sector outperform” rating in a report on Tuesday. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $3.78.

New Gold Price Performance

NGD stock opened at $3.57 on Friday. The company has a market cap of $2.83 billion, a PE ratio of 27.46 and a beta of 0.93. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The stock has a 50-day moving average price of $3.11 and a two-hundred day moving average price of $2.89. New Gold Inc. has a 12-month low of $1.66 and a 12-month high of $3.78.

About New Gold

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.