Fmr LLC boosted its stake in shares of New Gold Inc. (NYSE:NGD) by 2.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,990,759 shares of the company’s stock after buying an additional 348,600 shares during the period. Fmr LLC’s holdings in New Gold were worth $52,587,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of the stock. Comerica Bank increased its stake in shares of New Gold by 8.5% in the fourth quarter. Comerica Bank now owns 59,815 shares of the company’s stock valued at $243,000 after buying an additional 4,707 shares during the last quarter. Investec Asset Management LTD increased its stake in shares of New Gold by 9.0% in the fourth quarter. Investec Asset Management LTD now owns 1,557,997 shares of the company’s stock valued at $5,472,000 after buying an additional 128,983 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of New Gold by 1.4% in the fourth quarter. Van ECK Associates Corp now owns 40,280,707 shares of the company’s stock valued at $140,985,000 after buying an additional 556,731 shares during the last quarter.
New Gold Inc. (NYSE:NGD) opened at 2.89 on Tuesday. The company has a market cap of $1.48 billion and a P/E ratio of 578.00. The company has a 50-day moving average of $2.93 and a 200-day moving average of $3.76. New Gold Inc. has a 52-week low of $2.39 and a 52-week high of $6.04.
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Several brokerages have commented on NGD. Credit Suisse Group AG downgraded shares of New Gold from a “neutral” rating to an “underperform” rating in a research note on Tuesday, January 31st. Zacks Investment Research raised shares of New Gold from a “sell” rating to a “hold” rating in a research report on Friday, February 17th. Royal Bank of Canada reissued a “hold” rating on shares of New Gold in a research report on Thursday, February 2nd. TD Securities reissued a “buy” rating on shares of New Gold in a research report on Tuesday, March 14th. Finally, Scotiabank raised shares of New Gold from an “underperform” rating to a “sector perform” rating in a research report on Thursday, February 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $3.90.
New Gold Company Profile
New Gold Inc is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile.
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