Wealth High Governance Capital Ltda Makes New Investment in New Gold Inc. $NGD

Wealth High Governance Capital Ltda purchased a new stake in shares of New Gold Inc. (NYSE:NGD) during the 3rd quarter, HoldingsChannel reports. The firm purchased 1,320,000 shares of the company’s stock, valued at approximately $9,478,000. New Gold accounts for about 2.7% of Wealth High Governance Capital Ltda’s holdings, making the stock its 13th biggest holding.

Other hedge funds have also modified their holdings of the company. Quadrature Capital Ltd lifted its holdings in shares of New Gold by 148.1% during the third quarter. Quadrature Capital Ltd now owns 933,710 shares of the company’s stock worth $6,702,000 after purchasing an additional 557,310 shares during the period. Invesco Ltd. raised its position in New Gold by 3.0% during the 3rd quarter. Invesco Ltd. now owns 7,479,641 shares of the company’s stock worth $53,704,000 after buying an additional 221,222 shares during the last quarter. UBS Group AG lifted its stake in New Gold by 679.8% during the 3rd quarter. UBS Group AG now owns 4,294,181 shares of the company’s stock valued at $30,832,000 after acquiring an additional 3,743,518 shares during the period. Van ECK Associates Corp boosted its holdings in shares of New Gold by 50.7% in the 3rd quarter. Van ECK Associates Corp now owns 72,796,146 shares of the company’s stock valued at $522,678,000 after acquiring an additional 24,495,669 shares during the last quarter. Finally, BW Gestao de Investimentos Ltda. acquired a new stake in shares of New Gold in the third quarter worth $6,318,000. 42.82% of the stock is owned by institutional investors and hedge funds.

New Gold Price Performance

NYSE NGD traded down $0.50 during trading hours on Friday, reaching $10.22. The company’s stock had a trading volume of 3,363,113 shares, compared to its average volume of 18,466,904. The firm has a market capitalization of $8.09 billion, a price-to-earnings ratio of 78.58 and a beta of 0.56. The company’s 50-day moving average is $11.15 and its two-hundred day moving average is $8.59. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. New Gold Inc. has a 1-year low of $2.89 and a 1-year high of $13.63.

Analyst Upgrades and Downgrades

NGD has been the topic of several recent research reports. Scotiabank upped their price target on shares of New Gold to $12.75 and gave the company an “outperform” rating in a report on Monday, January 26th. Zacks Research upgraded New Gold from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 27th. Finally, TD Securities upgraded New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research report on Monday, December 1st. 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 stock. According to MarketBeat.com, the company presently has an average 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.