Hohimer Wealth Management LLC Takes Position in New Gold Inc. $NGD

Hohimer Wealth Management LLC purchased a new position in shares of New Gold Inc. (NYSE:NGD) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 577,334 shares of the company’s stock, valued at approximately $4,145,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NGD. Arrowstreet Capital Limited Partnership grew its stake in New Gold by 89.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 28,812,369 shares of the company’s stock valued at $143,011,000 after acquiring an additional 13,591,642 shares during the period. Vanguard Group Inc. lifted its holdings in shares of New Gold by 1,531.2% in the 3rd quarter. Vanguard Group Inc. now owns 11,468,982 shares of the company’s stock worth $82,164,000 after purchasing an additional 10,765,902 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of New Gold by 86.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 11,465,579 shares of the company’s stock worth $56,755,000 after purchasing an additional 5,314,473 shares in the last quarter. Cubist Systematic Strategies LLC grew its position in New Gold by 872.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 3,673,684 shares of the company’s stock valued at $18,211,000 after purchasing an additional 3,295,905 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in New Gold by 74.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company’s stock valued at $23,923,000 after purchasing an additional 2,760,692 shares in the last quarter. Institutional investors own 42.82% of the company’s stock.

New Gold Price Performance

NGD opened at $13.14 on Friday. New Gold Inc. has a 1 year low of $2.60 and a 1 year high of $13.63. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The company has a market capitalization of $10.41 billion, a price-to-earnings ratio of 101.08 and a beta of 0.59. The firm’s fifty day moving average price is $10.60 and its two-hundred day moving average price is $8.14.

Analysts Set New Price Targets

NGD has been the topic of several research reports. Scotiabank upped their price objective on shares of New Gold to $12.75 and gave the stock an “outperform” rating in a report on Monday, January 26th. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Monday, December 1st. National Bank Financial restated an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Finally, Zacks Research raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average 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.