Daiwa Securities Group Inc. Buys New Stake in New Gold Inc. (NYSE:NGD)

Daiwa Securities Group Inc. purchased a new position in shares of New Gold Inc. (NYSE:NGD) in the fourth quarter, Holdings Channel reports. The fund purchased 41,500 shares of the company’s stock, valued at approximately $103,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Ruffer LLP bought a new position in New Gold in the 4th quarter valued at about $2,976,000. Amundi lifted its stake in shares of New Gold by 68.6% in the 4th quarter. Amundi now owns 5,877,726 shares of the company’s stock worth $16,105,000 after acquiring an additional 2,391,764 shares during the period. Generali Investments CEE investicni spolecnost a.s. bought a new position in shares of New Gold in the fourth quarter valued at approximately $74,000. Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of New Gold during the fourth quarter valued at approximately $107,000. Finally, Raymond James Financial Inc. bought a new stake in New Gold during the fourth quarter worth approximately $1,918,000. Institutional investors own 42.82% of the company’s stock.

Analysts Set New Price Targets

NGD has been the subject of a number of research reports. CIBC decreased their price target 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. Scotiabank lifted their target price on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 13th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $3.60.

New Gold Stock Performance

Shares of NYSE NGD opened at $3.36 on Tuesday. New Gold Inc. has a 52-week low of $1.52 and a 52-week high of $3.38. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 25.85 and a beta of 1.35. 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 stock’s fifty day simple moving average is $2.88 and its 200 day simple moving average is $2.80.

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.