Credit Suisse Group reissued their hold rating on shares of New Gold (NYSEAMERICAN:NGD) in a report released on Wednesday, AnalystRatings.com reports. The firm currently has a $1.40 target price on the basic materials company’s stock.
A number of other brokerages have also issued reports on NGD. BMO Capital Markets raised New Gold from a market perform rating to an outperform rating in a research report on Wednesday, April 1st. Canaccord Genuity reaffirmed a buy rating and set a $2.25 price objective on shares of New Gold in a research report on Wednesday, July 22nd. upped their price objective on New Gold from $2.10 to $2.50 and gave the stock an outperform rating in a research report on Wednesday, June 10th. Raymond James set a $1.25 price objective on New Gold and gave the stock a market perform rating in a research report on Thursday, April 30th. Finally, Zacks Investment Research lowered New Gold from a buy rating to a hold rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. New Gold presently has a consensus rating of Hold and an average target price of $1.52.
NGD opened at $1.65 on Wednesday. New Gold has a one year low of $0.39 and a one year high of $1.71.
Large investors have recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. acquired a new position in New Gold in the second quarter valued at $26,000. Raymond James Financial Services Advisors Inc. boosted its stake in New Gold by 100.7% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 29,850 shares of the basic materials company’s stock valued at $40,000 after acquiring an additional 14,975 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in New Gold in the fourth quarter valued at $31,000. Stanley Laman Group Ltd. acquired a new position in New Gold in the second quarter valued at $59,000. Finally, Great West Life Assurance Co. Can boosted its stake in New Gold by 37.3% in the fourth quarter. Great West Life Assurance Co. Can now owns 46,067 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 12,512 shares in the last quarter. 51.53% of the stock is currently owned by hedge funds and other institutional investors.
About New Gold
New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the Rainy River project located in Ontario, Canada; the New Afton project located near Kamloops, British Columbia, Canada; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.
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