Zacks Investment Research upgraded shares of New Gold (NYSEAMERICAN:NGD) from a hold rating to a buy rating in a research note issued to investors on Tuesday, Zacks.com reports. Zacks Investment Research currently has $1.00 price target on the basic materials company’s stock.
According to Zacks, “New Gold Inc. is focused on the exploration and development of the Afton Copper-Gold Project, located 6 miles (10 km) west of Kamloops, British Columbia. “
A number of other research firms have also weighed in on NGD. CIBC reaffirmed a buy rating and set a $57.50 price objective on shares of Agnico Eagle Mines in a research report on Friday, April 5th. JPMorgan Chase & Co. raised China Life Insurance from a neutral rating to an overweight rating in a research report on Thursday, May 30th. They noted that the move was a valuation call. Raymond James set a $33.00 price objective on LKQ and gave the company a buy rating in a research report on Friday, April 26th. Credit Suisse Group initiated coverage on New Gold in a research report on Tuesday, April 16th. They set a neutral rating and a $1.00 price objective for the company. Finally, Canaccord Genuity set a $22.00 price objective on Hibbett Sports and gave the company a hold rating in a research report on Monday, March 25th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. New Gold presently has an average rating of Hold and a consensus price target of $1.00.
Hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of New Gold in the 4th quarter worth $492,000. CIBC Asset Management Inc increased its holdings in shares of New Gold by 0.9% in the 4th quarter. CIBC Asset Management Inc now owns 1,213,009 shares of the basic materials company’s stock worth $933,000 after purchasing an additional 10,445 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of New Gold by 517.4% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,324,416 shares of the basic materials company’s stock worth $1,018,000 after purchasing an additional 1,109,888 shares in the last quarter. Two Sigma Investments LP increased its holdings in shares of New Gold by 59.5% in the 4th quarter. Two Sigma Investments LP now owns 1,525,240 shares of the basic materials company’s stock worth $1,154,000 after purchasing an additional 568,788 shares in the last quarter. Finally, Two Sigma Advisers LP increased its holdings in shares of New Gold by 194.9% in the 4th quarter. Two Sigma Advisers LP now owns 446,352 shares of the basic materials company’s stock worth $338,000 after purchasing an additional 295,000 shares in the last quarter. 51.53% of the stock is owned by institutional investors.
About New Gold
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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