Sprott Inc. Purchases 3,533,035 Shares of New Gold Inc. $NGD

Sprott Inc. boosted its position in shares of New Gold Inc. (NYSE:NGD) by 496.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,244,795 shares of the company’s stock after purchasing an additional 3,533,035 shares during the period. New Gold comprises about 1.1% of Sprott Inc.’s investment portfolio, making the stock its 25th biggest position. Sprott Inc.’s holdings in New Gold were worth $30,478,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Employees Retirement System of Texas acquired a new stake in shares of New Gold during the second quarter worth approximately $32,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of New Gold in the 3rd quarter worth approximately $41,000. MAI Capital Management bought a new stake in New Gold during the 3rd quarter worth approximately $43,000. SBI Securities Co. Ltd. increased its holdings in New Gold by 1,837.7% during the 2nd quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock valued at $44,000 after purchasing an additional 8,472 shares in the last quarter. Finally, Wealthspire Advisors LLC bought a new position in New Gold in the 2nd quarter valued at $50,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

New Gold Price Performance

Shares of NGD stock opened at $13.33 on Tuesday. The firm has a market cap of $10.56 billion, a price-to-earnings ratio of 102.55 and a beta of 0.59. New Gold Inc. has a 12 month low of $2.60 and a 12 month high of $13.63. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The stock has a 50-day moving average price of $10.78 and a 200 day moving average price of $8.30.

Analyst Ratings Changes

A number of equities analysts have commented on NGD shares. Scotiabank boosted their price objective on New Gold to $12.75 and gave the stock an “outperform” rating in a research note on Monday, January 26th. Zacks Research raised New Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 27th. Finally, TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $8.18.

About New Gold

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.