77,766 Shares in New Gold Inc. (NYSE:NGD) Acquired by Plato Investment Management Ltd

Plato Investment Management Ltd purchased a new position in shares of New Gold Inc. (NYSE:NGD) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 77,766 shares of the company’s stock, valued at approximately $226,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. grew its position in New Gold by 12.9% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 265,441 shares of the company’s stock valued at $764,000 after acquiring an additional 30,366 shares during the period. Old West Investment Management LLC lifted its stake in shares of New Gold by 42.9% in the 3rd quarter. Old West Investment Management LLC now owns 1,000,000 shares of the company’s stock valued at $2,880,000 after purchasing an additional 300,000 shares in the last quarter. Intact Investment Management Inc. grew its holdings in shares of New Gold by 9.4% during the 3rd quarter. Intact Investment Management Inc. now owns 2,329,400 shares of the company’s stock worth $6,752,000 after purchasing an additional 200,000 shares during the period. Van ECK Associates Corp increased its position in 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 purchasing an additional 3,541,882 shares in the last quarter. Finally, NorthCrest Asset Manangement LLC purchased a new position in New Gold in the third quarter valued at approximately $58,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Price Performance

Shares of NGD stock opened at $2.53 on Friday. The firm has a fifty day simple moving average of $2.85 and a 200-day simple moving average of $2.40. The company has a market capitalization of $2.00 billion, a PE ratio of 126.50 and a beta of 1.31. New Gold Inc. has a twelve month low of $1.09 and a twelve month high of $3.25. 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 (NYSE:NGD) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. New Gold had a net margin of 2.33% and a return on equity of 9.38%. The company had revenue of $252.00 million during the quarter. Equities research analysts anticipate that New Gold Inc. will post 0.17 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on NGD shares. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Scotiabank upped their price target on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. Finally, Royal Bank of Canada increased their price target on New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a report on Tuesday, September 10th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average 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.