Public Employees Retirement System of Ohio Buys Shares of 242,508 New Gold Inc. (NYSE:NGD)

Public Employees Retirement System of Ohio purchased a new position in shares of New Gold Inc. (NYSE:NGD) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 242,508 shares of the company’s stock, valued at approximately $704,000.

Several other large investors also recently modified their holdings of the stock. Scientech Research LLC bought a new position in New Gold during the second quarter valued at $28,000. Allworth Financial LP lifted its position in shares of New Gold by 941.8% during the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock valued at $30,000 after buying an additional 9,418 shares during the last quarter. Eastern Bank bought a new position in shares of New Gold during the 3rd quarter worth $33,000. Rathbones Group PLC purchased a new stake in New Gold in the 2nd quarter worth about $36,000. Finally, NorthCrest Asset Manangement LLC purchased a new stake in New Gold during the third quarter valued at about $58,000. Hedge funds and other institutional investors own 42.82% of the company’s stock.

Analyst Upgrades and Downgrades

NGD has been the subject of several recent research reports. StockNews.com upgraded shares of New Gold from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Scotiabank lifted 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. Finally, Royal Bank of Canada increased their target price on New Gold from $3.00 to $3.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and two have given 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 an average price target of $3.41.

New Gold Price Performance

Shares of NYSE:NGD opened at $2.51 on Friday. The company has a 50 day moving average of $2.78 and a 200 day moving average of $2.53. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The stock has a market cap of $1.99 billion, a P/E ratio of 125.50 and a beta of 1.32. New Gold Inc. has a 12 month low of $1.09 and a 12 month high of $3.25.

New Gold (NYSE:NGD) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. New Gold had a net margin of 2.33% and a return on equity of 9.38%. The firm had revenue of $252.00 million during the quarter. As a group, sell-side analysts forecast that New Gold Inc. will post 0.18 EPS for the current fiscal year.

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.