JPMorgan Chase & Co. Purchases 1,891,468 Shares of New Gold Inc. $NGD

JPMorgan Chase & Co. grew its position in shares of New Gold Inc. (NYSE:NGD) by 16.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,357,047 shares of the company’s stock after purchasing an additional 1,891,468 shares during the period. JPMorgan Chase & Co. owned approximately 1.69% of New Gold worth $95,904,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Employees Retirement System of Texas purchased a new position in shares of New Gold during the 2nd quarter valued at about $32,000. Wealth Enhancement Advisory Services LLC purchased a new position in New Gold in the 3rd quarter worth approximately $41,000. SBI Securities Co. Ltd. raised its holdings in New Gold by 1,837.7% during the 2nd 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 shares of New Gold during the second quarter valued at about $50,000. Finally, Global Retirement Partners LLC raised its position in New Gold by 190.7% during the 3rd quarter. Global Retirement Partners LLC now owns 7,031 shares of the company’s stock valued at $50,000 after purchasing an additional 4,612 shares during the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

New Gold Stock Performance

Shares of NGD stock opened at $12.12 on Tuesday. The company’s fifty day moving average price is $10.35 and its 200-day moving average price is $8.02. The stock has a market cap of $9.60 billion, a PE ratio of 93.24 and a beta of 0.59. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. New Gold Inc. has a 12 month low of $2.60 and a 12 month high of $13.63.

Wall Street Analyst Weigh In

A number of analysts recently commented on NGD shares. Zacks Research raised New Gold from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 27th. National Bank Financial restated an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Scotiabank raised their target price on shares of New Gold to $12.75 and gave the stock an “outperform” rating in a research report on Monday, January 26th. Finally, TD Securities upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Monday, December 1st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, New Gold has an average rating of “Buy” and an average price target of $8.18.

New Gold Company Profile

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.