New Gold (NYSE:NGD) Hits New 1-Year High – Here’s What Happened

New Gold Inc. (NYSE:NGD)’s share price hit a new 52-week high on Wednesday . The company traded as high as $7.75 and last traded at $7.6750, with a volume of 25214064 shares. The stock had previously closed at $7.30.

Wall Street Analyst Weigh In

NGD has been the subject of a number of analyst reports. TD Securities restated a “hold” rating and set a $7.50 price objective on shares of New Gold in a research report on Thursday, October 30th. Raymond James Financial reissued a “market perform” rating and set a $7.00 price target on shares of New Gold in a report on Friday, October 10th. National Bankshares restated an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. CIBC lifted their price objective on shares of New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research report on Friday, October 10th. Finally, Scotiabank boosted their target price on shares of New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a research note on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $6.63.

New Gold Stock Up 3.8%

The firm has a market cap of $6.00 billion, a price-to-earnings ratio of 58.31 and a beta of 0.52. The stock’s 50 day moving average is $6.84 and its 200 day moving average is $5.41. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Institutional Trading of New Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership grew its holdings in shares of New Gold by 89.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company’s stock valued at $143,011,000 after acquiring an additional 13,591,642 shares in the last quarter. American Century Companies Inc. boosted its position in New Gold by 8.2% during the third quarter. American Century Companies Inc. now owns 16,883,444 shares of the company’s stock valued at $120,985,000 after purchasing an additional 1,272,621 shares during the last quarter. Invesco Ltd. lifted its holdings 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 buying an additional 2,280,732 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of New Gold by 16.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,357,047 shares of the company’s stock valued at $95,904,000 after buying an additional 1,891,468 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of New Gold by 1,531.2% in the 3rd quarter. Vanguard Group Inc. now owns 11,468,982 shares of the company’s stock valued at $82,164,000 after buying an additional 10,765,902 shares in the last quarter. 42.82% of the stock is currently owned by institutional investors.

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.