Plato Investment Management Ltd Invests $226,000 in New Gold Inc. (NYSE:NGD)

Plato Investment Management Ltd purchased a new stake in New Gold Inc. (NYSE:NGD) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 77,766 shares of the company’s stock, valued at approximately $226,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NGD. Scientech Research LLC acquired a new position in New Gold during the second quarter worth about $28,000. Coppell Advisory Solutions Corp. acquired a new stake in shares of New Gold in the 1st quarter worth approximately $30,000. Allworth Financial LP grew its holdings in shares of New Gold by 941.8% in the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after acquiring an additional 9,418 shares during the period. Eastern Bank purchased a new position in New Gold in the 3rd quarter valued at approximately $33,000. Finally, Rathbones Group PLC acquired a new position in New Gold during the second quarter worth $36,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NGD. Royal Bank of Canada lifted their price target on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. Scotiabank lifted their target price on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research report on Tuesday, September 17th. Finally, StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $3.08.

New Gold Stock Performance

Shares of NYSE NGD opened at $2.53 on Friday. The company has a 50-day simple moving average of $2.85 and a 200-day simple moving average of $2.40. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84. The company has a market cap of $2.00 billion, a PE ratio of 126.50 and a beta of 1.31. New Gold Inc. has a 12 month low of $1.09 and a 12 month high of $3.25.

New Gold (NYSE:NGD) last released its earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. New Gold had a net margin of 2.33% and a return on equity of 9.38%. The firm had revenue of $252.00 million during the quarter. On average, equities analysts anticipate that New Gold Inc. will post 0.17 earnings per share for the current year.

New Gold Profile

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.