Employees Retirement System of Texas Takes Position in New Gold Inc. $NGD

Employees Retirement System of Texas acquired a new position in New Gold Inc. (NYSE:NGD) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 6,488 shares of the company’s stock, valued at approximately $32,000.

Several other hedge funds have also recently added to or reduced their stakes in NGD. Pale Fire Capital SE bought a new position in New Gold in the 1st quarter worth approximately $23,920,000. JPMorgan Chase & Co. increased its position in New Gold by 86.4% during the second quarter. JPMorgan Chase & Co. now owns 11,465,579 shares of the company’s stock worth $56,755,000 after acquiring an additional 5,314,473 shares during the period. JGP Global Gestao de Recursos Ltda. raised its stake in New Gold by 64.4% during the 1st quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company’s stock valued at $39,652,000 after purchasing an additional 4,187,997 shares during the last quarter. American Century Companies Inc. boosted its holdings in New Gold by 23.7% in the 1st quarter. American Century Companies Inc. now owns 15,149,653 shares of the company’s stock valued at $56,033,000 after purchasing an additional 2,898,895 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in New Gold by 74.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company’s stock worth $23,923,000 after purchasing an additional 2,760,692 shares during the last quarter. Institutional investors own 42.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NGD. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. TD Securities reaffirmed a “hold” rating and issued a $7.50 price target on shares of New Gold in a report on Thursday, October 30th. CIBC raised their price objective on New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research report on Friday, October 10th. Scotiabank boosted 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. Finally, Raymond James Financial reaffirmed a “market perform” rating and issued a $7.00 target price on shares of New Gold in a research report on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $6.63.

New Gold Stock Up 4.7%

Shares of NYSE:NGD opened at $8.21 on Friday. New Gold Inc. has a 52 week low of $2.43 and a 52 week high of $8.38. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The company’s fifty day moving average is $7.06 and its 200-day moving average is $5.72. The company has a market capitalization of $6.50 billion, a PE ratio of 63.16 and a beta of 0.52.

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.