CIBC Asset Management Inc Increases Holdings in New Gold Inc. $NGD

CIBC Asset Management Inc boosted its position in shares of New Gold Inc. (NYSE:NGD) by 31.2% in the third quarter, Holdings Channel reports. The fund owned 1,462,328 shares of the company’s stock after purchasing an additional 347,846 shares during the quarter. CIBC Asset Management Inc’s holdings in New Gold were worth $10,464,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Employees Retirement System of Texas bought a new position in shares of New Gold in the 2nd quarter worth approximately $32,000. Wealth Enhancement Advisory Services LLC bought a new stake in New Gold during the third quarter valued at approximately $41,000. SBI Securities Co. Ltd. increased its holdings in New Gold by 1,837.7% during the second quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock valued at $44,000 after buying an additional 8,472 shares during the last quarter. Wealthspire Advisors LLC bought a new position in New Gold in the second quarter worth approximately $50,000. Finally, Global Retirement Partners LLC boosted its stake in shares of New Gold by 190.7% during the 3rd quarter. Global Retirement Partners LLC now owns 7,031 shares of the company’s stock worth $50,000 after acquiring an additional 4,612 shares during the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. CIBC raised their target price on New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a report on Friday, October 10th. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a research note on Thursday, October 30th. Raymond James Financial reiterated a “market perform” rating and set a $7.00 price objective on shares of New Gold in a research note on Friday, October 10th. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a report on Monday, December 1st. Finally, Scotiabank lifted their price target on shares of New Gold to $12.75 and gave the company an “outperform” rating in a report on Monday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $8.18.

New Gold Trading Down 2.7%

Shares of NGD opened at $12.50 on Tuesday. The firm has a market cap of $9.90 billion, a P/E ratio of 96.16 and a beta of 0.62. 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 $2.60 and a 1 year high of $13.63. The company has a 50 day simple moving average of $8.97 and a two-hundred day simple moving average of $7.08.

About New Gold

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.