Bank of Nova Scotia Invests $68,000 in New Gold Inc. (NYSE:NGD)

Bank of Nova Scotia purchased a new stake in shares of New Gold Inc. (NYSE:NGD) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 27,083 shares of the company’s stock, valued at approximately $68,000.

Other institutional investors also recently bought and sold shares of the company. DGS Capital Management LLC purchased a new position in shares of New Gold during the 4th quarter worth approximately $30,000. Samalin Investment Counsel LLC bought a new position in New Gold in the fourth quarter worth $32,000. Generali Investments CEE investicni spolecnost a.s. purchased a new position in New Gold during the fourth quarter valued at $74,000. Atria Wealth Solutions Inc. bought a new stake in shares of New Gold during the 4th quarter valued at $87,000. Finally, Daiwa Securities Group Inc. purchased a new stake in shares of New Gold in the 4th quarter worth about $103,000. 42.82% of the stock is owned by institutional investors.

New Gold Stock Up 1.4 %

NGD stock opened at $3.64 on Wednesday. The stock has a market capitalization of $2.88 billion, a P/E ratio of 28.00 and a beta of 0.93. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. New Gold Inc. has a 1-year low of $1.66 and a 1-year high of $3.78. The business has a fifty day moving average price of $3.13 and a 200-day moving average price of $2.89.

Wall Street Analysts Forecast Growth

NGD has been the subject of a number of recent research reports. National Bankshares reissued an “outperform” rating on shares of New Gold in a research report on Wednesday, April 2nd. Scotiabank lifted their target price on shares of New Gold from $4.25 to $4.75 and gave the company a “sector outperform” rating in a report on Monday. New Street Research set a $3.90 price target on New Gold in a research note on Wednesday, March 26th. Bank of America upgraded New Gold from an “underperform” rating to a “buy” rating and lifted their price objective for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. Finally, National Bank Financial raised New Gold to a “strong-buy” rating in a research note on Friday, March 21st. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, New Gold currently has an average rating of “Buy” and an average price target of $3.85.

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.