Louisbourg Investments Inc. Invests $3.40 Million in New Gold Inc. $NGD

Louisbourg Investments Inc. acquired a new stake in shares of New Gold Inc. (NYSE:NGD) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 685,700 shares of the company’s stock, valued at approximately $3,403,000.

A number of other institutional investors also recently added to or reduced their stakes in NGD. SG Americas Securities LLC boosted its position in New Gold by 69.2% during the first quarter. SG Americas Securities LLC now owns 113,640 shares of the company’s stock valued at $422,000 after purchasing an additional 46,465 shares in the last quarter. Ritholtz Wealth Management bought a new stake in New Gold during the first quarter valued at about $116,000. Allspring Global Investments Holdings LLC boosted its position in New Gold by 68.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,471,000 shares of the company’s stock valued at $9,137,000 after purchasing an additional 1,000,000 shares in the last quarter. Bank of New York Mellon Corp boosted its position in New Gold by 40.6% during the first quarter. Bank of New York Mellon Corp now owns 70,728 shares of the company’s stock valued at $262,000 after purchasing an additional 20,436 shares in the last quarter. Finally, Riggs Asset Managment Co. Inc. bought a new stake in New Gold during the first quarter valued at about $1,141,000. Institutional investors own 42.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Raymond James Financial reaffirmed a “market perform” rating and set a $7.00 price objective on shares of New Gold in a research report on Friday. CIBC increased their price target on New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research note on Friday. Finally, National Bankshares reiterated an “outperform” rating on shares of New Gold in a research note on Tuesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $5.81.

New Gold Trading Up 0.3%

Shares of NYSE:NGD opened at $6.84 on Friday. New Gold Inc. has a 52-week low of $2.43 and a 52-week high of $7.59. The stock has a market cap of $5.42 billion, a price-to-earnings ratio of 52.62 and a beta of 0.46. 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 business has a 50-day moving average price of $6.10 and a 200-day moving average price of $4.85.

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.