Fmr LLC Acquires 348,600 Shares of New Gold Inc. (NGD)
Fmr LLC raised its stake in New Gold Inc. (NYSE:NGD) by 2.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,990,759 shares of the company’s stock after buying an additional 348,600 shares during the period. Fmr LLC owned about 2.92% of New Gold worth $52,587,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Van ECK Associates Corp boosted its position in New Gold by 1.4% in the fourth quarter. Van ECK Associates Corp now owns 40,280,707 shares of the company’s stock valued at $140,985,000 after buying an additional 556,731 shares during the last quarter. Investec Asset Management LTD boosted its position in New Gold by 9.0% in the fourth quarter. Investec Asset Management LTD now owns 1,557,997 shares of the company’s stock valued at $5,472,000 after buying an additional 128,983 shares during the last quarter. Finally, Comerica Bank boosted its position in New Gold by 8.5% in the fourth quarter. Comerica Bank now owns 59,815 shares of the company’s stock valued at $243,000 after buying an additional 4,707 shares during the last quarter.
Shares of New Gold Inc. (NYSE:NGD) opened at 2.89 on Tuesday. The firm’s 50 day moving average is $2.93 and its 200-day moving average is $3.76. New Gold Inc. has a 52 week low of $2.39 and a 52 week high of $6.04. The firm has a market cap of $1.48 billion and a price-to-earnings ratio of 578.00.
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NGD has been the topic of several research analyst reports. Scotiabank cut shares of New Gold from a “sector perform” rating to an “underperform” rating in a research report on Monday, January 30th. Desjardins initiated coverage on shares of New Gold in a research report on Monday, March 13th. They set a “buy” rating on the stock. TD Securities reissued a “buy” rating on shares of New Gold in a research note on Tuesday, March 14th. Credit Suisse Group AG initiated coverage on shares of New Gold in a research note on Thursday, March 16th. They set an “underperform” rating and a $3.00 target price for the company. Finally, GMP Securities lowered shares of New Gold from a “buy” rating to a “hold” rating and set a $4.80 target price for the company. in a research note on Tuesday, January 31st. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $3.90.
About New Gold
New Gold Inc is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile.
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