New Gold Inc. (NYSE:NGD) Shares Purchased by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. increased its holdings in shares of New Gold Inc. (NYSE:NGD) by 97.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,482,782 shares of the company’s stock after purchasing an additional 4,671,399 shares during the quarter. New Gold accounts for about 1.2% of Hillsdale Investment Management Inc.’s investment portfolio, making the stock its 19th largest holding. Hillsdale Investment Management Inc. owned approximately 1.20% of New Gold worth $23,657,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. DGS Capital Management LLC acquired a new stake in New Gold during the 4th quarter worth approximately $30,000. Generali Investments CEE investicni spolecnost a.s. acquired a new stake in New Gold during the 4th quarter worth approximately $74,000. Atria Wealth Solutions Inc. acquired a new stake in New Gold in the fourth quarter valued at approximately $87,000. Daiwa Securities Group Inc. acquired a new stake in New Gold in the fourth quarter valued at approximately $103,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new stake in New Gold in the fourth quarter valued at approximately $107,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on NGD shares. Scotiabank increased their price objective on shares of New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 13th. CIBC lowered their price objective on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research report on Thursday, February 27th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $3.60.

New Gold Stock Performance

New Gold stock opened at $3.22 on Friday. The stock has a market cap of $2.55 billion, a P/E ratio of 24.77 and a beta of 1.35. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The stock has a 50 day moving average of $2.93 and a 200-day moving average of $2.82. New Gold Inc. has a 52 week low of $1.56 and a 52 week high of $3.48.

About New Gold

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.