New Gold (NYSE:NGD) Price Target Raised to $4.00

New Gold (NYSE:NGD) had its target price raised by analysts at Scotiabank from $3.50 to $4.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price target would suggest a potential upside of 35.82% from the stock’s current price.

Separately, StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One equities research analyst has 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 presently has an average rating of “Buy” and an average target price of $3.60.

New Gold Price Performance

Shares of NGD traded down $0.06 during mid-day trading on Thursday, hitting $2.95. 12,636,218 shares of the company were exchanged, compared to its average volume of 12,048,205. New Gold has a 1-year low of $1.09 and a 1-year high of $3.25. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The company has a 50 day moving average of $2.76 and a 200-day moving average of $2.71. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of 147.25 and a beta of 1.36.

Institutional Trading of New Gold

A number of hedge funds have recently bought and sold shares of NGD. Hillsdale Investment Management Inc. raised its holdings in New Gold by 97.1% in the 4th quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock valued at $23,657,000 after acquiring an additional 4,671,399 shares during the last quarter. Van ECK Associates Corp raised its holdings in New Gold by 5.0% in the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock valued at $215,743,000 after acquiring an additional 3,541,882 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in New Gold by 9,360.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock valued at $7,755,000 after acquiring an additional 2,664,153 shares during the last quarter. Renaissance Technologies LLC raised its holdings in New Gold by 11.6% in the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock valued at $62,363,000 after acquiring an additional 2,619,782 shares during the last quarter. Finally, Bank of Montreal Can raised its holdings in New Gold by 36.9% in the 4th quarter. Bank of Montreal Can now owns 9,703,381 shares of the company’s stock valued at $24,203,000 after acquiring an additional 2,613,285 shares during the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Company Profile

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.