New Gold Inc. (NYSE:NGD) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company increased its holdings in New Gold Inc. (NYSE:NGD) by 17.3% during the second quarter, HoldingsChannel.com reports. The fund owned 656,656 shares of the company’s stock after buying an additional 96,617 shares during the period. The Manufacturers Life Insurance Company’s holdings in New Gold were worth $1,294,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Coppell Advisory Solutions Corp. acquired a new position in shares of New Gold in the 1st quarter valued at $30,000. Rathbones Group PLC acquired a new position in shares of New Gold in the 2nd quarter valued at $36,000. Moloney Securities Asset Management LLC acquired a new position in shares of New Gold in the 1st quarter valued at $42,000. Morton Capital Management LLC CA increased its holdings in shares of New Gold by 23.3% in the 2nd quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock valued at $52,000 after acquiring an additional 5,000 shares during the period. Finally, Banque Cantonale Vaudoise acquired a new position in shares of New Gold in the 2nd quarter valued at $87,000. 42.82% of the stock is owned by institutional investors and hedge funds.

New Gold Stock Performance

Shares of NYSE NGD opened at $2.82 on Friday. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of -28.20 and a beta of 1.30. New Gold Inc. has a one year low of $1.00 and a one year high of $3.25. The stock’s fifty day moving average is $2.67. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52.

New Gold (NYSE:NGD) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. New Gold had a negative net margin of 2.53% and a positive return on equity of 5.22%. The business had revenue of $218.20 million for the quarter. On average, sell-side analysts forecast that New Gold Inc. will post 0.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on NGD. Royal Bank of Canada lifted their target price on shares of New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a report on Tuesday, September 10th. CIBC boosted their price objective on shares of New Gold from $3.00 to $3.40 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research note on Tuesday, October 1st. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a research note on Wednesday, July 10th. Finally, Scotiabank boosted their price objective 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. Two research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, New Gold has an average rating of “Buy” and an average price target of $2.74.

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.