New Gold (NYSE:NGD) Raised to Strong-Buy at Zacks Research

New Gold (NYSE:NGD) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

Several other equities analysts have also commented on NGD. CIBC increased their price objective on shares of New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research report on Friday, October 10th. Scotiabank boosted their price target on shares of New Gold to $12.75 and gave the company an “outperform” rating in a report on Monday. National Bankshares reissued an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research report on Monday, December 1st. Finally, Raymond James Financial reissued a “market perform” rating and set a $7.00 price target on shares of New Gold in a report on Friday, October 10th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, New Gold presently has a consensus rating of “Buy” and an average target price of $8.18.

New Gold Stock Down 5.7%

Shares of NGD traded down $0.71 during trading hours on Tuesday, hitting $11.86. The company had a trading volume of 16,878,930 shares, compared to its average volume of 21,235,059. The stock has a market capitalization of $9.39 billion, a price-to-earnings ratio of 91.21 and a beta of 0.62. The firm has a fifty day moving average price of $9.19 and a 200-day moving average price of $7.18. New Gold has a 52-week low of $2.60 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.

Institutional Trading of New Gold

Hedge funds and other institutional investors have recently modified their holdings of the company. Millennium Management LLC grew its holdings in New Gold by 91.1% during the first quarter. Millennium Management LLC now owns 1,792,631 shares of the company’s stock worth $6,642,000 after acquiring an additional 854,586 shares during the period. NewEdge Advisors LLC lifted its stake in New Gold by 99.1% during the first quarter. NewEdge Advisors LLC now owns 80,375 shares of the company’s stock valued at $298,000 after purchasing an additional 40,000 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in New Gold by 74.9% during the first quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company’s stock worth $23,923,000 after buying an additional 2,760,692 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in New Gold by 4.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 951,651 shares of the company’s stock worth $3,531,000 after buying an additional 40,995 shares during the last quarter. Finally, Precision Wealth Strategies LLC bought a new position in shares of New Gold in the second quarter valued at $989,000. Institutional investors own 42.82% of the company’s stock.

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.