CIBC Asset Management Inc Has $5.44 Million Holdings in New Gold Inc. (NYSE:NGD)

CIBC Asset Management Inc lifted its holdings in shares of New Gold Inc. (NYSE:NGD) by 3.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,183,620 shares of the company’s stock after buying an additional 78,074 shares during the quarter. CIBC Asset Management Inc owned about 0.28% of New Gold worth $5,441,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Allworth Financial LP grew its position in shares of New Gold by 941.8% during the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after buying an additional 9,418 shares during the period. Eastern Bank acquired a new stake in shares of New Gold during the 3rd quarter worth approximately $33,000. DGS Capital Management LLC acquired a new stake in shares of New Gold during the 4th quarter worth approximately $30,000. NorthCrest Asset Manangement LLC acquired a new stake in shares of New Gold during the 3rd quarter worth approximately $58,000. Finally, Captrust Financial Advisors grew its position in shares of New Gold by 17.6% during the 3rd quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock worth $129,000 after buying an additional 6,700 shares during the period. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Down 2.7 %

New Gold stock opened at $2.88 on Thursday. The company’s 50 day simple moving average is $2.77 and its 200 day simple moving average is $2.74. New Gold Inc. has a fifty-two week low of $1.10 and a fifty-two week high of $3.25. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of 144.00 and a beta of 1.36. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84.

Analysts Set New Price Targets

NGD has been the subject of several analyst reports. Scotiabank lifted their price target on shares of New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 13th. StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $3.60.

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.