Pinnacle Wealth Management Group Inc. Buys 28,988 Shares of New Gold Inc. $NGD

Pinnacle Wealth Management Group Inc. grew its stake in shares of New Gold Inc. (NYSE:NGD) by 7.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 432,818 shares of the company’s stock after purchasing an additional 28,988 shares during the period. New Gold makes up 1.2% of Pinnacle Wealth Management Group Inc.’s investment portfolio, making the stock its 28th largest holding. Pinnacle Wealth Management Group Inc.’s holdings in New Gold were worth $2,142,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently modified their holdings of the stock. Invesco Ltd. boosted its stake in shares of New Gold by 16.9% during the 1st quarter. Invesco Ltd. now owns 15,761,737 shares of the company’s stock valued at $58,476,000 after purchasing an additional 2,280,732 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of New Gold by 23.7% during the 1st quarter. American Century Companies Inc. now owns 15,149,653 shares of the company’s stock valued at $56,033,000 after purchasing an additional 2,898,895 shares in the last quarter. JGP Global Gestao de Recursos Ltda. boosted its stake in shares of New Gold by 64.4% during the 1st quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company’s stock valued at $39,652,000 after purchasing an additional 4,187,997 shares in the last quarter. Amundi boosted its stake in shares of New Gold by 42.2% during the 1st quarter. Amundi now owns 8,356,029 shares of the company’s stock valued at $29,580,000 after purchasing an additional 2,478,303 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in New Gold by 74.9% during the first quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company’s stock worth $23,923,000 after acquiring an additional 2,760,692 shares in the last quarter. Institutional investors own 42.82% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on NGD. National Bankshares reissued an “outperform” rating on shares of New Gold in a research note on Tuesday, September 9th. Raymond James Financial reissued a “market perform” rating and set a $7.00 price objective on shares of New Gold in a research note on Friday, October 10th. CIBC boosted their price objective on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research note on Friday, October 10th. Finally, Scotiabank boosted their price objective on shares of New Gold from $5.50 to $8.00 and gave the stock an “outperform” rating in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $6.46.

New Gold Stock Up 0.5%

NGD opened at $6.49 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The firm has a 50 day moving average price of $6.51 and a 200-day moving average price of $5.09. New Gold Inc. has a twelve month low of $2.43 and a twelve month high of $7.59. The stock has a market capitalization of $5.14 billion, a price-to-earnings ratio of 49.93 and a beta of 0.46.

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.