Intact Investment Management Inc. decreased its position in shares of New Gold Inc. (NYSE:NGD - Free Report) by 17.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,930,600 shares of the company's stock after selling 398,800 shares during the quarter. Intact Investment Management Inc. owned 0.24% of New Gold worth $4,821,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of NGD. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of New Gold by 12.9% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 265,441 shares of the company's stock worth $764,000 after acquiring an additional 30,366 shares in the last quarter. Plato Investment Management Ltd purchased a new stake in shares of New Gold during the 3rd quarter worth approximately $226,000. CIBC Asset Management Inc boosted its stake in shares of New Gold by 2.2% during the 3rd quarter. CIBC Asset Management Inc now owns 2,105,546 shares of the company's stock worth $6,105,000 after acquiring an additional 44,571 shares in the last quarter. Pekin Hardy Strauss Inc. raised its position in shares of New Gold by 43.8% during the 3rd quarter. Pekin Hardy Strauss Inc. now owns 262,750 shares of the company's stock worth $757,000 after purchasing an additional 80,000 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd raised its position in shares of New Gold by 326.2% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 59,744 shares of the company's stock worth $172,000 after purchasing an additional 45,726 shares during the last quarter. Hedge funds and other institutional investors own 42.82% of the company's stock.
New Gold Trading Up 1.2 %
NGD traded up $0.04 during trading on Wednesday, hitting $3.38. The company's stock had a trading volume of 14,480,553 shares, compared to its average volume of 10,171,522. The firm's 50 day moving average price is $2.90 and its 200-day moving average price is $2.81. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The stock has a market cap of $2.67 billion, a PE ratio of 26.00 and a beta of 1.35. New Gold Inc. has a twelve month low of $1.52 and a twelve month high of $3.48.
Wall Street Analysts Forecast Growth
NGD has been the subject of several research reports. Scotiabank lifted their price objective on New Gold from $3.50 to $4.00 and gave the stock a "sector outperform" rating in a research report on Thursday, February 13th. CIBC cut their price objective on New Gold from $3.60 to $3.40 and set an "outperform" rating for the company in a research report on Thursday, February 27th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $3.60.
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About New Gold
(
Free Report)
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.
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