Eastern Bank Buys Shares of 11,500 New Gold Inc. (NYSE:NGD)

Eastern Bank bought a new stake in New Gold Inc. (NYSE:NGD) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 11,500 shares of the company’s stock, valued at approximately $33,000.

Several other institutional investors have also recently bought and sold shares of NGD. Scientech Research LLC bought a new stake in New Gold in the 2nd quarter valued at approximately $28,000. Coppell Advisory Solutions Corp. bought a new stake in New Gold in the 1st quarter valued at approximately $30,000. Rathbones Group PLC acquired a new position in shares of New Gold during the 2nd quarter worth approximately $36,000. Moloney Securities Asset Management LLC acquired a new position in shares of New Gold during the 1st quarter worth approximately $42,000. Finally, Morton Capital Management LLC CA increased its position in shares of New Gold by 23.3% during the 2nd quarter. Morton Capital Management LLC CA now owns 26,494 shares of the company’s stock worth $52,000 after purchasing an additional 5,000 shares during the last quarter. Institutional investors own 42.82% of the company’s stock.

Wall Street Analysts Forecast Growth

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

New Gold Stock Down 1.4 %

Shares of New Gold stock opened at $2.88 on Friday. New Gold Inc. has a twelve month low of $1.03 and a twelve month high of $3.25. The company has a quick ratio of 0.98, a current ratio of 1.50 and a debt-to-equity ratio of 0.52. The business has a 50-day simple moving average of $2.80. The firm has a market cap of $2.28 billion, a PE ratio of -28.80 and a beta of 1.30.

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

New Gold 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.