Mackenzie Financial Corp increased its position in New Gold Inc. (NYSEAMERICAN:NGD – Free Report) by 346.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,635,055 shares of the basic materials company’s stock after acquiring an additional 7,477,711 shares during the quarter. Mackenzie Financial Corp owned about 1.40% of New Gold worth $13,968,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Commonwealth Equity Services LLC bought a new position in New Gold in the 3rd quarter worth about $25,000. Virtu Financial LLC bought a new position in shares of New Gold in the first quarter worth approximately $33,000. Quantbot Technologies LP purchased a new stake in New Gold in the second quarter valued at approximately $33,000. ExodusPoint Capital Management LP purchased a new stake in New Gold in the second quarter valued at approximately $33,000. Finally, CreativeOne Wealth LLC purchased a new position in New Gold in the 2nd quarter worth approximately $33,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.
New Gold Stock Performance
NGD opened at $1.75 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.98 and a current ratio of 1.54. The company has a market cap of $1.21 billion, a P/E ratio of -19.44, a P/E/G ratio of 0.91 and a beta of 1.54. New Gold Inc. has a 1 year low of $0.86 and a 1 year high of $1.94.
Analyst Ratings Changes
Several analysts have recently weighed in on the stock. Scotiabank raised their price objective on shares of New Gold from $1.65 to $2.00 and gave the company a “sector perform” rating in a research report on Monday, April 8th. National Bank Financial reaffirmed a “sector perform spec overwgt” rating on shares of New Gold in a research note on Monday, April 8th. Finally, StockNews.com cut New Gold from a “buy” rating to a “hold” rating in a report on Sunday, January 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $1.64.
Check Out Our Latest Report on New Gold
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.
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