Eastern Bank Takes Position in New Gold Inc. (NYSE:NGD)

Eastern Bank bought a new stake in New Gold Inc. (NYSE:NGD) in the 3rd quarter, Holdings Channel reports. The institutional investor bought 11,500 shares of the company’s stock, valued at approximately $33,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in NGD. Dimensional Fund Advisors LP grew its holdings in shares of New Gold by 9.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,394,885 shares of the company’s stock valued at $4,670,000 after purchasing an additional 200,799 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in shares of New Gold during the 1st quarter valued at approximately $1,074,000. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of New Gold during the 2nd quarter valued at approximately $458,000. Pekin Hardy Strauss Inc. bought a new stake in shares of New Gold during the 2nd quarter valued at approximately $356,000. Finally, SG Americas Securities LLC grew its holdings in shares of New Gold by 49.9% during the 3rd quarter. SG Americas Securities LLC now owns 145,990 shares of the company’s stock valued at $420,000 after purchasing an additional 48,614 shares during the last quarter. 42.82% of the stock is currently owned by institutional investors and hedge funds.

New Gold Stock Performance

NYSE:NGD opened at $2.88 on Friday. The company has a fifty day moving average price of $2.80. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.98 and a current ratio of 1.50. New Gold Inc. has a 52 week low of $1.03 and a 52 week high of $3.25. The company has a market cap of $2.28 billion, a price-to-earnings ratio of -28.80 and a beta of 1.30.

New Gold (NYSE:NGD) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. The company had revenue of $218.20 million for the quarter. As a group, sell-side analysts anticipate that New Gold Inc. will post 0.15 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Scotiabank lifted their price target on shares of New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a report on Tuesday, September 17th. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a report on Wednesday, July 10th. Royal Bank of Canada boosted their target price on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday. Finally, CIBC boosted their target price on shares of New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $2.74.

New Gold 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.