Ruffer LLP Makes New Investment in New Gold Inc. (NYSE:NGD)

Ruffer LLP purchased a new position in shares of New Gold Inc. (NYSE:NGD) during the fourth quarter, Holdings Channel reports. The firm purchased 1,200,000 shares of the company’s stock, valued at approximately $2,976,000.

A number of other institutional investors and hedge funds have also modified their holdings of NGD. BNP Paribas Financial Markets increased its stake in New Gold by 9,360.7% during the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after acquiring an additional 2,664,153 shares during the last quarter. XTX Topco Ltd raised its position in shares of New Gold by 294.7% during the 3rd quarter. XTX Topco Ltd now owns 488,959 shares of the company’s stock worth $1,408,000 after acquiring an additional 365,079 shares in the last quarter. Atria Wealth Solutions Inc. purchased a new stake in New Gold during the fourth quarter worth approximately $87,000. Centiva Capital LP acquired a new position in New Gold in the third quarter valued at approximately $595,000. Finally, National Bank of Canada FI increased its stake in New Gold by 22.9% in the third quarter. National Bank of Canada FI now owns 2,374,142 shares of the company’s stock valued at $6,844,000 after purchasing an additional 442,527 shares during the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NGD. Scotiabank boosted their price objective on shares of New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 13th. CIBC decreased their price objective on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $3.60.

New Gold Stock Up 2.8 %

Shares of NYSE:NGD opened at $2.90 on Friday. 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 stock has a market cap of $2.29 billion, a P/E ratio of 22.31 and a beta of 1.35. New Gold Inc. has a 1-year low of $1.47 and a 1-year high of $3.25. The firm has a fifty day moving average price of $2.81 and a 200 day moving average price of $2.78.

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.