CIBC Asset Management Inc Purchases 44,571 Shares of New Gold Inc. (NYSE:NGD)

CIBC Asset Management Inc boosted its position in New Gold Inc. (NYSE:NGD) by 2.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,105,546 shares of the company’s stock after acquiring an additional 44,571 shares during the period. CIBC Asset Management Inc’s holdings in New Gold were worth $6,105,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Allworth Financial LP boosted its holdings in New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after acquiring an additional 9,418 shares in the last quarter. Eastern Bank bought a new position in New Gold in the third quarter worth approximately $33,000. Scientech Research LLC bought a new position in New Gold in the second quarter worth approximately $28,000. Coppell Advisory Solutions Corp. bought a new position in New Gold in the first quarter worth approximately $30,000. Finally, Rathbones Group PLC bought a new position in shares of New Gold in the second quarter valued at approximately $36,000. Institutional investors own 42.82% of the company’s stock.

New Gold Stock Performance

Shares of NGD opened at $2.53 on Monday. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of 126.50 and a beta of 1.31. The stock has a 50 day moving average of $2.85 and a 200 day moving average of $2.40. New Gold Inc. has a 12 month low of $1.09 and a 12 month high of $3.25.

New Gold (NYSE:NGD) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The company had revenue of $252.00 million during the quarter. New Gold had a return on equity of 9.38% and a net margin of 2.33%. As a group, sell-side analysts forecast that New Gold Inc. will post 0.17 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NGD. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Scotiabank raised their target price on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a report on Tuesday, September 17th. Finally, Royal Bank of Canada raised their target price on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Two analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, New Gold currently has an average rating of “Buy” and an average target price of $3.08.

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.