Russell Investments Group Ltd. grew its stake in shares of New Gold Inc (NYSEAMERICAN:NGD) by 10.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 20,026,812 shares of the basic materials company’s stock after acquiring an additional 1,870,669 shares during the period. Russell Investments Group Ltd. owned about 3.46% of New Gold worth $20,266,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the company. Brave Asset Management Inc. boosted its holdings in New Gold by 15.6% in the 2nd quarter. Brave Asset Management Inc. now owns 126,000 shares of the basic materials company’s stock worth $121,000 after buying an additional 17,000 shares during the period. Oppenheimer & Close LLC bought a new position in New Gold in the 2nd quarter worth approximately $27,000. D. E. Shaw & Co. Inc. bought a new position in New Gold in the 2nd quarter worth approximately $29,000. Swiss National Bank boosted its holdings in New Gold by 4.6% in the 2nd quarter. Swiss National Bank now owns 1,084,262 shares of the basic materials company’s stock worth $1,051,000 after buying an additional 47,500 shares during the period. Finally, Intact Investment Management Inc. boosted its holdings in New Gold by 2.8% in the 2nd quarter. Intact Investment Management Inc. now owns 1,897,600 shares of the basic materials company’s stock worth $2,391,000 after buying an additional 52,500 shares during the period. 51.53% of the stock is owned by hedge funds and other institutional investors.

NYSEAMERICAN NGD traded up $0.01 on Friday, hitting $0.86. The stock had a trading volume of 3,297,711 shares, compared to its average volume of 4,767,268. New Gold Inc has a 52-week low of $0.61 and a 52-week high of $1.56. The firm has a 50-day moving average of $1.20 and a 200-day moving average of $0.98.

New Gold (NYSEAMERICAN:NGD) last posted its earnings results on Wednesday, November 6th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.01). The business had revenue of $168.40 million for the quarter.

Several analysts have issued reports on the stock. Zacks Investment Research upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $1.00 target price on the stock in a research note on Saturday, October 26th. Royal Bank of Canada upgraded shares of New Gold from an “underperform” rating to a “sector perform” rating and increased their target price for the stock from $1.00 to $1.30 in a research note on Thursday, September 5th. Canaccord Genuity reiterated a “hold” rating on shares of New Gold in a research note on Friday, July 19th. CIBC set a $1.40 target price on shares of New Gold and gave the stock a “hold” rating in a research note on Tuesday, October 15th. Finally, Raymond James set a $1.25 target price on shares of New Gold and gave the stock a “market perform” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $1.17.

New Gold Profile

New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the Rainy River project located in Ontario, Canada; the New Afton project located near Kamloops, British Columbia, Canada; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.

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Institutional Ownership by Quarter for New Gold (NYSEAMERICAN:NGD)

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