CIBC Asset Management Inc Buys 78,074 Shares of New Gold Inc. (NYSE:NGD)

CIBC Asset Management Inc raised its stake in New Gold Inc. (NYSE:NGD) by 3.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,183,620 shares of the company’s stock after acquiring an additional 78,074 shares during the period. CIBC Asset Management Inc’s holdings in New Gold were worth $5,441,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC lifted its position in shares of New Gold by 0.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock worth $3,669,000 after purchasing an additional 4,500 shares in the last quarter. Captrust Financial Advisors lifted its position in shares of New Gold by 17.6% in the third quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock worth $129,000 after purchasing an additional 6,700 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of New Gold by 2.0% in the third quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock worth $1,084,000 after purchasing an additional 7,394 shares in the last quarter. Allworth Financial LP lifted its position in shares of New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after purchasing an additional 9,418 shares in the last quarter. Finally, Eastern Bank acquired a new position in New Gold during the third quarter worth $33,000. Institutional investors own 42.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on NGD shares. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Scotiabank boosted their target price on shares of New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 13th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, New Gold has a consensus rating of “Buy” and an average target price of $3.60.

New Gold Price Performance

NYSE:NGD opened at $2.88 on Thursday. New Gold Inc. has a one year low of $1.10 and a one year high of $3.25. The company has a market cap of $2.28 billion, a P/E ratio of 144.00 and a beta of 1.36. The firm’s fifty day moving average price is $2.77 and its two-hundred day moving average price is $2.74. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84.

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.