New Gold Inc. (NYSE:NGD) Shares Purchased by Mackenzie Financial Corp

Mackenzie Financial Corp raised its position in New Gold Inc. (NYSE:NGD) by 57.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,328,086 shares of the company’s stock after acquiring an additional 5,948,394 shares during the quarter. Mackenzie Financial Corp’s holdings in New Gold were worth $32,229,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of NGD. The Manufacturers Life Insurance Company grew its holdings in shares of New Gold by 17.3% in the second quarter. The Manufacturers Life Insurance Company now owns 656,656 shares of the company’s stock valued at $1,294,000 after purchasing an additional 96,617 shares in the last quarter. Millennium Management LLC grew its stake in shares of New Gold by 100.5% in the second quarter. Millennium Management LLC now owns 2,385,758 shares of the company’s stock worth $4,659,000 after acquiring an additional 1,195,830 shares in the last quarter. Caxton Associates LP purchased a new stake in shares of New Gold during the second quarter worth $1,950,000. Cubist Systematic Strategies LLC raised its stake in shares of New Gold by 7.2% in the second quarter. Cubist Systematic Strategies LLC now owns 179,209 shares of the company’s stock valued at $354,000 after acquiring an additional 11,995 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in New Gold in the second quarter valued at $1,316,000. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

New Gold Stock Down 4.5 %

Shares of New Gold stock opened at $2.97 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.50 and a quick ratio of 0.98. New Gold Inc. has a 52 week low of $0.86 and a 52 week high of $3.25. The company has a 50 day moving average of $2.53. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of -29.70 and a beta of 1.29.

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

Analysts Set New Price Targets

NGD has been the topic of several recent research reports. Royal Bank of Canada upped their price target on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. CIBC upped their target price on shares of New Gold from $3.00 to $3.40 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. Scotiabank lifted their price target on shares of New Gold from $2.75 to $3.25 and gave the stock a “sector outperform” rating in a research note on Tuesday, September 17th. Cibc World Mkts raised shares of New Gold to a “strong-buy” rating in a research report on Wednesday, July 10th. Finally, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a research report on Saturday, September 21st. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $2.74.

New Gold Company Profile

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.