Van ECK Associates Corp Has $522.68 Million Holdings in New Gold Inc. $NGD

Van ECK Associates Corp lifted its stake in shares of New Gold Inc. (NYSE:NGD) by 50.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 72,796,146 shares of the company’s stock after buying an additional 24,495,669 shares during the quarter. Van ECK Associates Corp owned about 9.19% of New Gold worth $522,678,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC acquired a new stake in New Gold in the third quarter worth $41,000. MAI Capital Management acquired a new position in shares of New Gold during the third quarter valued at about $43,000. Employees Retirement System of Texas bought a new position in shares of New Gold during the 2nd quarter worth about $32,000. Global Retirement Partners LLC grew its stake in shares of New Gold by 190.7% in the 3rd quarter. Global Retirement Partners LLC now owns 7,031 shares of the company’s stock valued at $50,000 after buying an additional 4,612 shares during the period. Finally, Byrne Asset Management LLC acquired a new stake in shares of New Gold in the 3rd quarter valued at about $60,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Performance

Shares of NGD opened at $11.17 on Tuesday. The firm has a market capitalization of $8.85 billion, a P/E ratio of 85.93 and a beta of 0.57. New Gold Inc. has a 52 week low of $2.73 and a 52 week high of $13.63. The stock has a 50 day moving average price of $11.01 and a two-hundred day moving average price of $8.52. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.

Wall Street Analyst Weigh In

Several research analysts have issued reports on NGD shares. TD Securities upgraded New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a report on Monday, December 1st. Zacks Research upgraded New Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 27th. Finally, Scotiabank upped their target price on New Gold to $12.75 and gave the stock an “outperform” rating in a research report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $8.18.

New Gold Company Profile

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.