New Gold (NYSE:NGD) Price Target Raised to $4.75

New Gold (NYSE:NGD) had its target price increased by stock analysts at CIBC from $3.40 to $4.75 in a report released on Thursday,Benzinga reports. The brokerage currently has an “outperformer” rating on the stock. CIBC’s price objective points to a potential upside of 13.64% from the company’s current price.

Other analysts also recently issued research reports about the company. Raymond James set a $4.00 target price on New Gold and gave the company a “market perform” rating in a research note on Friday, April 4th. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a report on Wednesday, April 2nd. Bank of America raised shares of New Gold from an “underperform” rating to a “buy” rating and raised their target price for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. New Street Research set a $3.90 price target on shares of New Gold in a research note on Wednesday, March 26th. Finally, StockNews.com lowered shares of New Gold from a “buy” rating to a “hold” rating in a research note on Thursday, May 1st. Two analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $4.04.

New Gold Price Performance

NYSE NGD opened at $4.18 on Thursday. The company has a 50-day moving average price of $3.44 and a two-hundred day moving average price of $3.00. New Gold has a 52 week low of $1.74 and a 52 week high of $4.21. The stock has a market cap of $3.31 billion, a price-to-earnings ratio of 32.16 and a beta of 0.54. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Institutional Investors Weigh In On New Gold

A number of institutional investors and hedge funds have recently modified their holdings of NGD. Allspring Global Investments Holdings LLC lifted its holdings in shares of New Gold by 0.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock valued at $3,669,000 after purchasing an additional 4,500 shares during the last quarter. Oxbow Advisors LLC lifted its stake in New Gold by 1.7% during the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company’s stock valued at $687,000 after buying an additional 4,624 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of New Gold by 11.9% in the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock worth $125,000 after buying an additional 5,331 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of New Gold by 0.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company’s stock worth $2,258,000 after acquiring an additional 7,367 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of New Gold by 2.0% during the third quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock valued at $1,084,000 after acquiring an additional 7,394 shares during the period. Institutional investors and hedge funds own 42.82% of the company’s stock.

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.