Allspring Global Investments Holdings LLC Grows Holdings in New Gold Inc. (NYSE:NGD)

Allspring Global Investments Holdings LLC grew its holdings in New Gold Inc. (NYSE:NGD) by 68.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 2,471,000 shares of the company’s stock after buying an additional 1,000,000 shares during the period. Allspring Global Investments Holdings LLC owned 0.31% of New Gold worth $9,137,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in NGD. SIH Partners LLLP purchased a new stake in shares of New Gold during the fourth quarter worth approximately $27,000. Tudor Investment Corp ET AL purchased a new position in New Gold during the 4th quarter worth $27,000. Samalin Investment Counsel LLC acquired a new stake in shares of New Gold in the 4th quarter worth $32,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of New Gold in the fourth quarter valued at about $39,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of New Gold during the fourth quarter worth about $43,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. 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 research report on Wednesday, March 26th. New Street Research set a $3.90 target price on New Gold in a report on Wednesday, March 26th. Raymond James Financial upgraded shares of New Gold to a “hold” rating and set a $4.00 price target for the company in a report on Monday, June 30th. National Bank Financial upgraded shares of New Gold to a “strong-buy” rating in a research note on Friday, March 21st. Finally, Scotiabank restated an “outperform” rating on shares of New Gold in a research report on Monday, April 14th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $4.13.

New Gold Stock Up 0.9%

NGD opened at $4.94 on Friday. The firm has a market cap of $3.91 billion, a P/E ratio of 38.03 and a beta of 0.45. The business’s fifty day simple moving average is $4.43 and its 200 day simple moving average is $3.50. New Gold Inc. has a 52 week low of $1.94 and a 52 week high of $5.16. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

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.