Bank of Nova Scotia Takes $68,000 Position in New Gold Inc. (NYSE:NGD)

Bank of Nova Scotia acquired a new position in New Gold Inc. (NYSE:NGD) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 27,083 shares of the company’s stock, valued at approximately $68,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Renaissance Technologies LLC boosted its stake in shares of New Gold by 11.6% during the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock worth $62,363,000 after acquiring an additional 2,619,782 shares during the last quarter. Invesco Ltd. increased its position in New Gold by 3.6% in the fourth quarter. Invesco Ltd. now owns 13,481,005 shares of the company’s stock worth $33,433,000 after buying an additional 469,748 shares in the last quarter. Bank of Montreal Can raised its stake in shares of New Gold by 36.9% in the fourth quarter. Bank of Montreal Can now owns 9,703,381 shares of the company’s stock worth $24,203,000 after buying an additional 2,613,285 shares during the period. Russell Investments Group Ltd. lifted its position in shares of New Gold by 213.8% during the 4th quarter. Russell Investments Group Ltd. now owns 512,510 shares of the company’s stock valued at $1,273,000 after buying an additional 349,167 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd grew its stake in shares of New Gold by 62.2% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 96,879 shares of the company’s stock valued at $240,000 after acquiring an additional 37,135 shares during the period. Hedge funds and other institutional investors own 42.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NGD. Scotiabank upped their price target on shares of New Gold from $4.25 to $4.75 and gave the stock a “sector outperform” rating in a research report on Monday. National Bankshares reiterated an “outperform” rating on shares of New Gold in a research note on Wednesday, April 2nd. National Bank Financial raised New Gold to a “strong-buy” rating in a research note on Friday, March 21st. New Street Research set a $3.90 target price on New Gold in a research note on Wednesday, March 26th. Finally, Bank of America raised New Gold from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $2.60 to $3.90 in a report on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $3.85.

New Gold Stock Performance

NYSE NGD opened at $3.64 on Wednesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. New Gold Inc. has a 1-year low of $1.66 and a 1-year high of $3.78. The business has a 50 day simple moving average of $3.13 and a two-hundred day simple moving average of $2.89. The stock has a market capitalization of $2.88 billion, a PE ratio of 28.00 and a beta of 0.93.

New Gold 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.