Public Employees Retirement System of Ohio Buys New Position in New Gold Inc. (NYSE:NGD)

Public Employees Retirement System of Ohio bought a new position in New Gold Inc. (NYSE:NGD) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 242,508 shares of the company’s stock, valued at approximately $704,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Scientech Research LLC bought a new position in shares of New Gold during the 2nd quarter worth about $28,000. Allworth Financial LP boosted its holdings in New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after acquiring an additional 9,418 shares in the last quarter. Eastern Bank acquired a new stake in New Gold in the third quarter valued at approximately $33,000. Rathbones Group PLC bought a new stake in shares of New Gold during the second quarter valued at approximately $36,000. Finally, NorthCrest Asset Manangement LLC acquired a new position in shares of New Gold during the third quarter worth approximately $58,000. 42.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on NGD. Scotiabank boosted their price target on shares of New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research note on Tuesday, September 17th. Royal Bank of Canada upped their target price on shares of New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Finally, StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $3.41.

New Gold Trading Up 1.2 %

Shares of NGD stock opened at $2.51 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.42. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 125.50 and a beta of 1.32. New Gold Inc. has a 52-week low of $1.09 and a 52-week high of $3.25. The company has a 50-day simple moving average of $2.78 and a two-hundred day simple moving average of $2.53.

New Gold (NYSE:NGD) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The company had revenue of $252.00 million during the quarter. New Gold had a return on equity of 9.38% and a net margin of 2.33%. Research analysts anticipate that New Gold Inc. will post 0.18 EPS for the current fiscal year.

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.