Shares of New Gold Inc (NYSEAMERICAN:NGD) have received a consensus rating of “Hold” from the twelve research firms that are covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $1.06.
A number of research firms have recently weighed in on NGD. Canaccord Genuity set a $22.00 target price on shares of Hibbett Sports and gave the company a “hold” rating in a research report on Monday, March 25th. Credit Suisse Group began coverage on shares of New Gold in a research report on Tuesday, April 16th. They set a “neutral” rating and a $1.00 target price for the company. CIBC reissued a “hold” rating on shares of Sandstorm Gold in a research report on Monday, July 15th. Zacks Investment Research raised shares of DLH from a “sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Finally, JPMorgan Chase & Co. raised shares of China Life Insurance from a “neutral” rating to an “overweight” rating in a research report on Thursday, May 30th. They noted that the move was a valuation call.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Financial Counselors Inc. bought a new position in New Gold in the 1st quarter worth approximately $51,000. SG Americas Securities LLC lifted its stake in New Gold by 217.9% in the 1st quarter. SG Americas Securities LLC now owns 80,771 shares of the basic materials company’s stock worth $70,000 after purchasing an additional 55,363 shares in the last quarter. Moors & Cabot Inc. lifted its stake in New Gold by 145.2% in the 1st quarter. Moors & Cabot Inc. now owns 94,400 shares of the basic materials company’s stock worth $80,000 after purchasing an additional 55,900 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its stake in New Gold by 163.5% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 191,714 shares of the basic materials company’s stock worth $148,000 after purchasing an additional 118,963 shares in the last quarter. Finally, Norges Bank purchased a new stake in New Gold in the 4th quarter worth approximately $312,000. 51.53% of the stock is owned by institutional investors.
New Gold Company Profile
New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the Rainy River project located in Ontario, Canada; the New Afton project located near Kamloops, British Columbia, Canada; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.
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