Hillsdale Investment Management Inc. Grows Holdings in New Gold Inc. (NYSE:NGD)

Hillsdale Investment Management Inc. grew its holdings in shares of New Gold Inc. (NYSE:NGD) by 97.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,482,782 shares of the company’s stock after buying an additional 4,671,399 shares during the quarter. New Gold accounts for about 1.2% of Hillsdale Investment Management Inc.’s investment portfolio, making the stock its 19th largest holding. Hillsdale Investment Management Inc.’s holdings in New Gold were worth $23,657,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. DGS Capital Management LLC bought a new position in New Gold during the fourth quarter worth $30,000. Generali Investments CEE investicni spolecnost a.s. bought a new position in New Gold during the fourth quarter worth $74,000. Atria Wealth Solutions Inc. bought a new position in New Gold during the fourth quarter worth $87,000. Daiwa Securities Group Inc. bought a new position in New Gold during the fourth quarter worth $103,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new position in New Gold during the fourth quarter worth $107,000. 42.82% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

NGD has been the topic of several research analyst reports. CIBC reduced their price objective on New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Scotiabank raised their price objective on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. One analyst has rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $3.60.

New Gold Stock Performance

Shares of NGD opened at $3.22 on Friday. New Gold Inc. has a 1 year low of $1.56 and a 1 year high of $3.48. The company has a market cap of $2.55 billion, a price-to-earnings ratio of 24.77 and a beta of 1.35. 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 fifty day moving average of $2.93 and a 200-day moving average of $2.82.

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.