Raymond James Financial Inc. Invests $1.92 Million in New Gold Inc. (NYSE:NGD)

Raymond James Financial Inc. purchased a new position in shares of New Gold Inc. (NYSE:NGD) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 773,323 shares of the company’s stock, valued at approximately $1,918,000.

Several other large investors have also bought and sold shares of the business. DGS Capital Management LLC acquired a new stake in New Gold during the 4th quarter worth $30,000. Atria Wealth Solutions Inc. bought a new position in shares of New Gold in the 4th quarter worth $87,000. Kohmann Bosshard Financial Services LLC grew its stake in shares of New Gold by 42.9% during the fourth quarter. Kohmann Bosshard Financial Services LLC now owns 50,000 shares of the company’s stock worth $124,000 after purchasing an additional 15,000 shares during the period. Bank of New York Mellon Corp increased its holdings in New Gold by 11.9% in the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock valued at $125,000 after purchasing an additional 5,331 shares during the last quarter. Finally, Captrust Financial Advisors increased its holdings in New Gold by 17.6% in the third quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock valued at $129,000 after purchasing an additional 6,700 shares during the last quarter. 42.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. CIBC reduced their target price on New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Bank of America raised shares of New Gold from an “underperform” rating to a “buy” rating and lifted their price objective for the stock from $2.60 to $3.90 in a research note on Wednesday, March 26th. National Bank Financial raised shares of New Gold to a “strong-buy” rating in a research note on Friday, March 21st. Finally, Scotiabank lifted their price target on shares of New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $3.66.

New Gold Stock Up 3.1 %

Shares of NGD stock opened at $3.71 on Tuesday. New Gold Inc. has a 12-month low of $1.66 and a 12-month high of $3.78. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The firm has a fifty day moving average of $3.03 and a 200-day moving average of $2.87. The company has a market capitalization of $2.94 billion, a price-to-earnings ratio of 28.54 and a beta of 1.35.

New Gold 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.