Plato Investment Management Ltd Boosts Holdings in New Gold Inc. $NGD

Plato Investment Management Ltd grew its position in New Gold Inc. (NYSE:NGD) by 80.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 108,318 shares of the company’s stock after acquiring an additional 48,264 shares during the period. Plato Investment Management Ltd’s holdings in New Gold were worth $535,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in NGD. Invesco Ltd. boosted its holdings 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 purchasing an additional 2,280,732 shares in the last quarter. American Century Companies Inc. boosted its position in New Gold by 23.7% during the first quarter. American Century Companies Inc. now owns 15,149,653 shares of the company’s stock worth $56,033,000 after purchasing an additional 2,898,895 shares in the last quarter. JGP Global Gestao de Recursos Ltda. boosted its position 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 buying an additional 4,187,997 shares in the last quarter. Amundi lifted its stake in New Gold by 42.2% in the 1st quarter. Amundi now owns 8,356,029 shares of the company’s stock valued at $29,580,000 after buying an additional 2,478,303 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of New Gold by 74.9% in the first quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company’s stock valued at $23,923,000 after acquiring an additional 2,760,692 shares in the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

New Gold Price Performance

NGD stock opened at $7.28 on Tuesday. 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 is $6.70 and its two-hundred day moving average is $5.27. The company has a market capitalization of $5.76 billion, a PE ratio of 56.00 and a beta of 0.46. New Gold Inc. has a 52-week low of $2.43 and a 52-week high of $7.71.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Raymond James Financial reiterated a “market perform” rating and set a $7.00 target price on shares of New Gold in a research report on Friday, October 10th. Scotiabank raised their price objective on New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a research report on Thursday, October 23rd. TD Securities reiterated a “hold” rating and set a $7.50 price objective on shares of New Gold in a research note on Thursday. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a research note on Thursday. Finally, CIBC lifted their price target on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research note on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $6.63.

New Gold 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.