Van ECK Associates Corp Purchases 24,495,669 Shares of New Gold Inc. $NGD

Van ECK Associates Corp grew its position in shares of New Gold Inc. (NYSE:NGD) by 50.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 72,796,146 shares of the company’s stock after buying an additional 24,495,669 shares during the quarter. Van ECK Associates Corp owned 0.09% of New Gold worth $522,678,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Employees Retirement System of Texas purchased a new stake in shares of New Gold during the second quarter valued at approximately $32,000. Wealth Enhancement Advisory Services LLC purchased a new position in New Gold in the third quarter worth $41,000. MAI Capital Management bought a new position in New Gold in the 3rd quarter valued at $43,000. SBI Securities Co. Ltd. increased its position in shares of 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 purchasing an additional 8,472 shares during the last quarter. Finally, Wealthspire Advisors LLC bought a new stake in shares of New Gold during the 2nd quarter worth $50,000. 42.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

NGD has been the subject of a number of research analyst reports. Scotiabank raised their price objective on shares of New Gold to $12.75 and gave the stock an “outperform” rating in a report on Monday, January 26th. 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 research report on Monday, December 1st. Finally, Zacks Research raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 27th. One investment 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 company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $8.18.

New Gold Trading Down 0.4%

Shares of New Gold stock opened at $11.17 on Tuesday. The stock has a market capitalization of $8.85 billion, a P/E ratio of 85.93 and a beta of 0.57. New Gold Inc. has a 52-week low of $2.73 and a 52-week high of $13.63. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The stock’s 50-day simple moving average is $11.01 and its 200 day simple moving average is $8.52.

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.