Wellington Management Group LLP Invests $2.83 Million in New Gold Inc. (NYSE:NGD)

Wellington Management Group LLP purchased a new stake in New Gold Inc. (NYSE:NGD) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 1,133,660 shares of the company’s stock, valued at approximately $2,830,000. Wellington Management Group LLP owned approximately 0.14% of New Gold at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in NGD. Hillsdale Investment Management Inc. grew its stake in shares of New Gold by 97.1% in the fourth quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock valued at $23,657,000 after buying an additional 4,671,399 shares in the last quarter. Amundi raised its stake in shares of New Gold by 68.6% during the fourth quarter. Amundi now owns 5,877,726 shares of the company’s stock valued at $16,105,000 after purchasing an additional 2,391,764 shares during the period. Lord Abbett & CO. LLC purchased a new stake in shares of New Gold during the third quarter valued at approximately $4,435,000. JGP Global Gestao de Recursos Ltda. lifted its position in shares of New Gold by 27.8% during the fourth quarter. JGP Global Gestao de Recursos Ltda. now owns 6,500,000 shares of the company’s stock worth $16,120,000 after purchasing an additional 1,412,003 shares in the last quarter. Finally, Ruffer LLP purchased a new position in shares of New Gold in the fourth quarter valued at $2,976,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on NGD shares. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a research note on Wednesday, April 2nd. CIBC lowered their target price on New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Bank of America upgraded New Gold from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $2.60 to $3.90 in a research note on Wednesday, March 26th. Raymond James set a $4.00 price objective on New Gold and gave the company a “market perform” rating in a research note on Friday, April 4th. Finally, Scotiabank upped their target price on New Gold from $4.00 to $4.25 and gave the company a “sector outperform” rating in a research report on Tuesday. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $3.78.

New Gold Price Performance

Shares of NGD opened at $3.57 on Friday. New Gold Inc. has a 52 week low of $1.66 and a 52 week high of $3.78. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of 27.46 and a beta of 0.93. The stock has a 50 day moving average of $3.11 and a 200-day moving average of $2.89.

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.