Ruffer LLP Buys New Shares in New Gold Inc. (NYSE:NGD)

Ruffer LLP purchased a new position in shares of New Gold Inc. (NYSE:NGD) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,200,000 shares of the company’s stock, valued at approximately $2,976,000. Ruffer LLP owned approximately 0.15% of New Gold at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in NGD. Amundi increased its holdings in New Gold by 68.6% in the 4th quarter. Amundi now owns 5,877,726 shares of the company’s stock valued at $16,105,000 after buying an additional 2,391,764 shares during the period. Generali Investments CEE investicni spolecnost a.s. bought a new position in New Gold during the fourth quarter worth $74,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in New Gold in the 4th quarter valued at $107,000. Raymond James Financial Inc. bought a new stake in New Gold during the fourth quarter worth $1,918,000. Finally, Aigen Investment Management LP purchased a new position in shares of New Gold in the 4th quarter worth approximately $208,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Price Performance

New Gold stock opened at $2.90 on Friday. The firm has a 50-day moving average price of $2.81 and a 200-day moving average price of $2.78. New Gold Inc. has a 12-month low of $1.47 and a 12-month high of $3.25. 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 capitalization of $2.29 billion, a PE ratio of 22.31 and a beta of 1.35.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NGD. Scotiabank upped their price target on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 13th. 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. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, New Gold currently has an average rating of “Buy” and a consensus price target of $3.60.

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.