CIBC Asset Management Inc Has $6.11 Million Stock Position in New Gold Inc. (NYSE:NGD)

CIBC Asset Management Inc lifted its holdings in shares of New Gold Inc. (NYSE:NGD) by 2.2% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,105,546 shares of the company’s stock after buying an additional 44,571 shares during the period. CIBC Asset Management Inc owned about 0.27% of New Gold worth $6,105,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of NGD. Mackenzie Financial Corp raised its holdings in shares of New Gold by 57.3% during the 2nd quarter. Mackenzie Financial Corp now owns 16,328,086 shares of the company’s stock worth $32,229,000 after buying an additional 5,948,394 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of New Gold by 5.0% during the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock worth $215,743,000 after buying an additional 3,541,882 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of New Gold by 13.5% during the 2nd quarter. Renaissance Technologies LLC now owns 20,111,264 shares of the company’s stock worth $39,217,000 after buying an additional 2,399,200 shares in the last quarter. Herr Investment Group LLC increased its holdings in New Gold by 40.4% in the 2nd quarter. Herr Investment Group LLC now owns 5,210,363 shares of the company’s stock worth $10,160,000 after purchasing an additional 1,499,745 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in New Gold by 684.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,466,500 shares of the company’s stock worth $4,255,000 after purchasing an additional 1,279,500 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Trading Down 0.8 %

Shares of NGD stock opened at $2.53 on Monday. The stock has a market cap 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. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. New Gold Inc. has a 1-year low of $1.09 and a 1-year high of $3.25.

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

Analysts Set New Price Targets

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