CIBC Boosts New Gold (NYSE:NGD) Price Target to $4.75

New Gold (NYSE:NGD) had its target price hoisted by equities researchers at CIBC from $3.40 to $4.75 in a research note issued on Thursday,Benzinga reports. The firm presently has an “outperformer” rating on the stock. CIBC’s target price would suggest a potential upside of 13.64% from the stock’s previous close.

A number of other equities analysts also recently commented on the company. National Bankshares restated an “outperform” rating on shares of New Gold in a report on Wednesday, April 2nd. Bank of America upgraded New Gold from an “underperform” rating to a “buy” rating and increased their target price for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. StockNews.com lowered shares of New Gold from a “buy” rating to a “hold” rating in a research note on Thursday, May 1st. Scotiabank reaffirmed an “outperform” rating on shares of New Gold in a report on Monday, April 14th. Finally, New Street Research set a $3.90 price objective on shares of New Gold in a report on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $4.04.

New Gold Stock Performance

NYSE:NGD opened at $4.18 on Thursday. New Gold has a fifty-two week low of $1.74 and a fifty-two week high of $4.21. The firm’s 50 day moving average is $3.44 and its two-hundred day moving average is $3.00. The company has a market cap of $3.31 billion, a P/E ratio of 32.16 and a beta of 0.54. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Institutional Investors Weigh In On New Gold

Institutional investors and hedge funds have recently made changes to their positions in the company. Headlands Technologies LLC increased its stake in New Gold by 520.8% during the first quarter. Headlands Technologies LLC now owns 131,268 shares of the company’s stock valued at $487,000 after purchasing an additional 110,124 shares during the last quarter. Deutsche Bank AG raised its stake in New Gold by 2.3% during the first quarter. Deutsche Bank AG now owns 3,504,806 shares of the company’s stock worth $13,003,000 after acquiring an additional 79,385 shares during the period. Charles Schwab Investment Management Inc. acquired a new stake in New Gold during the first quarter worth about $378,000. Cary Street Partners Financial LLC bought a new position in New Gold in the first quarter worth about $37,000. Finally, JGP Global Gestao de Recursos Ltda. boosted its stake in New Gold by 64.4% in the first quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company’s stock valued at $39,652,000 after acquiring an additional 4,187,997 shares during the period. 42.82% of the stock is owned by institutional investors and hedge funds.

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.