New Gold (NYSE:NGD) Price Target Raised to $4.75

New Gold (NYSE:NGD) had its price objective upped by Scotiabank from $4.25 to $4.75 in a research report released on Monday,Benzinga reports. They currently have a sector outperform rating on the stock.

Other equities analysts have also recently issued reports about the stock. New Street Research set a $3.90 target price on shares of New Gold in a research note on Wednesday, March 26th. Raymond James set a $4.00 price objective on shares of New Gold and gave the company a “market perform” rating in a research report on Friday, April 4th. Bank of America raised New Gold from an “underperform” rating to a “buy” rating and lifted their target price for the stock from $2.60 to $3.90 in a research report on Wednesday, March 26th. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a report on Wednesday, April 2nd. Finally, CIBC decreased their price objective on New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, New Gold currently has an average rating of “Buy” and an average target price of $3.85.

New Gold Stock Performance

NGD opened at $3.59 on Monday. 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 50 day moving average price is $3.12 and its two-hundred day moving average price is $2.89. The firm has a market capitalization of $2.84 billion, a P/E ratio of 27.62 and a beta of 0.93. New Gold has a 12-month low of $1.66 and a 12-month high of $3.78.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of NGD. Renaissance Technologies LLC boosted its stake in shares of New Gold by 11.6% in the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock valued at $62,363,000 after purchasing an additional 2,619,782 shares in the last quarter. Invesco Ltd. boosted its position in 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 in the last quarter. American Century Companies Inc. grew its stake in New Gold by 3.9% during the fourth quarter. American Century Companies Inc. now owns 12,250,758 shares of the company’s stock worth $30,577,000 after buying an additional 459,317 shares during the last quarter. Bank of Montreal Can grew its stake in New Gold by 36.9% during the fourth quarter. Bank of Montreal Can now owns 9,703,381 shares of the company’s stock worth $24,203,000 after buying an additional 2,613,285 shares during the last quarter. Finally, Hillsdale Investment Management Inc. increased its holdings in shares of New Gold by 97.1% during the fourth quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock worth $23,657,000 after buying an additional 4,671,399 shares in the last quarter. 42.82% of the stock is currently owned by institutional investors and hedge funds.

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.