Analysts Set New Gold Inc. (NYSE:NGD) Price Target at $4.56

New Gold Inc. (NYSE:NGD) has received an average recommendation of “Buy” from the five ratings firms that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $4.56.

NGD has been the topic of a number of analyst reports. CIBC boosted their price target on New Gold from $5.50 to $6.25 and gave the stock an “outperformer” rating in a research report on Tuesday, July 15th. Raymond James Financial raised New Gold to a “hold” rating and set a $4.00 target price on the stock in a report on Monday, June 30th. Finally, National Bankshares restated an “outperform” rating on shares of New Gold in a report on Tuesday, September 9th.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NGD. Arrowstreet Capital Limited Partnership grew its holdings in shares of New Gold by 89.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company’s stock valued at $143,011,000 after buying an additional 13,591,642 shares during the last quarter. Invesco Ltd. lifted its position in New Gold by 16.9% in the 1st quarter. Invesco Ltd. now owns 15,761,737 shares of the company’s stock valued at $58,476,000 after acquiring an additional 2,280,732 shares in the last quarter. American Century Companies Inc. boosted its stake in New Gold by 3.0% during the 2nd quarter. American Century Companies Inc. now owns 15,610,823 shares of the company’s stock valued at $77,586,000 after purchasing an additional 461,170 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in New Gold by 86.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 11,465,579 shares of the company’s stock valued at $56,755,000 after purchasing an additional 5,314,473 shares during the last quarter. Finally, JGP Global Gestao de Recursos Ltda. increased its holdings in shares of New Gold by 64.4% in the 1st quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company’s stock worth $39,652,000 after purchasing an additional 4,187,997 shares in the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Stock Down 0.5%

Shares of New Gold stock opened at $7.31 on Tuesday. New Gold has a 1 year low of $2.43 and a 1 year high of $7.59. The firm has a market cap of $5.79 billion, a price-to-earnings ratio of 56.24 and a beta of 0.46. The company has a 50-day moving average of $5.88 and a 200 day moving average of $4.76. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

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.