JPMorgan Chase & Co. Grows Stock Position in New Gold Inc. $NGD

JPMorgan Chase & Co. increased its stake in New Gold Inc. (NYSE:NGD) by 86.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,465,579 shares of the company’s stock after acquiring an additional 5,314,473 shares during the period. JPMorgan Chase & Co.’s holdings in New Gold were worth $56,755,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of NGD. SBI Securities Co. Ltd. increased its stake in New Gold by 1,837.7% in the 2nd quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock worth $44,000 after purchasing an additional 8,472 shares during the period. Cary Street Partners Financial LLC bought a new position in shares of New Gold in the first quarter worth approximately $37,000. Wealthspire Advisors LLC purchased a new position in shares of New Gold in the second quarter worth $50,000. Caitong International Asset Management Co. Ltd raised its holdings in New Gold by 16,046.6% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 11,787 shares of the company’s stock valued at $58,000 after buying an additional 11,714 shares during the last quarter. Finally, Private Advisor Group LLC purchased a new stake in New Gold during the 1st quarter valued at $50,000. 42.82% of the stock is currently owned by institutional investors.

New Gold Stock Performance

New Gold stock opened at $8.21 on Monday. New Gold Inc. has a fifty-two week low of $2.43 and a fifty-two week high of $8.38. The stock’s 50 day simple moving average is $7.06 and its two-hundred day simple moving average is $5.73. 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 stock has a market cap of $6.50 billion, a price-to-earnings ratio of 63.16 and a beta of 0.52.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. CIBC boosted their price objective on shares of New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research report on Friday, October 10th. Raymond James Financial restated a “market perform” rating and set a $7.00 price target on shares of New Gold in a report on Friday, October 10th. Scotiabank increased their price objective on New Gold from $5.50 to $8.00 and gave the stock an “outperform” rating in a report on Thursday, October 23rd. TD Securities reiterated a “hold” rating and issued a $7.50 price objective on shares of New Gold in a research report on Thursday, October 30th. Finally, National Bankshares restated an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.63.

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.