CIBC Cuts New Gold (NYSE:NGD) Price Target to $3.40

New Gold (NYSE:NGD) had its price objective dropped by equities researchers at CIBC from $3.60 to $3.40 in a research note issued to investors on Thursday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. CIBC’s target price would suggest a potential upside of 25.00% from the stock’s current price.

Separately, Scotiabank lifted their price objective on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a report on Thursday, February 13th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $3.60.

New Gold Stock Up 0.7 %

NGD opened at $2.72 on Thursday. New Gold has a fifty-two week low of $1.21 and a fifty-two week high of $3.25. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The firm’s fifty day moving average price is $2.78 and its two-hundred day moving average price is $2.77. The company has a market capitalization of $2.15 billion, a P/E ratio of 20.92 and a beta of 1.36.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NGD. Van ECK Associates Corp raised its holdings in shares of New Gold by 5.0% in the third quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after buying an additional 3,541,882 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of New Gold by 11.6% in the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock valued at $62,363,000 after buying an additional 2,619,782 shares during the last quarter. Invesco Ltd. raised its holdings in shares of New Gold by 3.6% in the fourth quarter. Invesco Ltd. now owns 13,481,005 shares of the company’s stock valued at $33,433,000 after buying an additional 469,748 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of New Gold by 3.9% in the fourth quarter. American Century Companies Inc. now owns 12,250,758 shares of the company’s stock valued at $30,577,000 after buying an additional 459,317 shares during the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of New Gold by 36.9% in the fourth quarter. Bank of Montreal Can now owns 9,703,381 shares of the company’s stock valued at $24,203,000 after buying an additional 2,613,285 shares during the last quarter. 42.82% of the stock is owned by institutional investors.

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.