Spark Investment Management LLC Takes $239,000 Position in New Gold Inc. $NGD

Spark Investment Management LLC bought a new position in New Gold Inc. (NYSE:NGD) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 48,000 shares of the company’s stock, valued at approximately $239,000. New Gold accounts for about 0.7% of Spark Investment Management LLC’s holdings, making the stock its 19th biggest holding.

A number of other large investors also recently bought and sold shares of NGD. Pale Fire Capital SE bought a new stake in New Gold during the first quarter worth about $23,920,000. JGP Global Gestao de Recursos Ltda. lifted its holdings in shares of New Gold by 64.4% during the first quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company’s stock valued at $39,652,000 after purchasing an additional 4,187,997 shares during the last quarter. American Century Companies Inc. boosted its position in shares of New Gold by 23.7% in the 1st quarter. American Century Companies Inc. now owns 15,149,653 shares of the company’s stock worth $56,033,000 after purchasing an additional 2,898,895 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of New Gold by 74.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company’s stock worth $23,923,000 after purchasing an additional 2,760,692 shares in the last quarter. Finally, Amundi grew its stake in shares of New Gold by 42.2% in the 1st quarter. Amundi now owns 8,356,029 shares of the company’s stock worth $29,580,000 after buying an additional 2,478,303 shares during the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Scotiabank raised their price objective on New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a research report on Thursday, October 23rd. CIBC increased their target price on New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research note on Friday, October 10th. National Bankshares restated an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Raymond James Financial reaffirmed a “market perform” rating and issued a $7.00 price target on shares of New Gold in a research report on Friday, October 10th. Finally, TD Securities reissued a “hold” rating and set a $7.50 price objective on shares of New Gold in a research report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $6.63.

New Gold Price Performance

Shares of NYSE:NGD opened at $6.95 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The firm has a market cap of $5.50 billion, a price-to-earnings ratio of 53.47 and a beta of 0.52. The business has a 50-day simple moving average of $6.93 and a two-hundred day simple moving average of $5.54. New Gold Inc. has a fifty-two week low of $2.43 and a fifty-two week high of $7.75.

New Gold Company 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.