Legal & General Group Plc Trims Position in New Gold Inc. (NYSE:NGD)

Legal & General Group Plc trimmed its holdings in New Gold Inc. (NYSE:NGD - Free Report) by 17.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,707,747 shares of the company's stock after selling 349,176 shares during the quarter. Legal & General Group Plc owned about 0.22% of New Gold worth $4,263,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of NGD. Invesco Ltd. increased its stake in shares of New Gold by 3.6% during the fourth quarter. Invesco Ltd. now owns 13,481,005 shares of the company's stock valued at $33,433,000 after purchasing an additional 469,748 shares in the last quarter. Bank of Montreal Can increased its position in New Gold by 36.9% during the 4th quarter. Bank of Montreal Can now owns 9,703,381 shares of the company's stock valued at $24,203,000 after buying an additional 2,613,285 shares in the last quarter. Russell Investments Group Ltd. raised its stake in New Gold by 213.8% during the fourth quarter. Russell Investments Group Ltd. now owns 512,510 shares of the company's stock valued at $1,273,000 after buying an additional 349,167 shares during the last quarter. Dynamic Technology Lab Private Ltd boosted its holdings in New Gold by 62.2% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 96,879 shares of the company's stock worth $240,000 after acquiring an additional 37,135 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of New Gold by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 391,274 shares of the company's stock worth $987,000 after acquiring an additional 18,901 shares during the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NGD. CIBC dropped their price target on shares of New Gold from $3.60 to $3.40 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. National Bank Financial upgraded shares of New Gold to a "strong-buy" rating in a report on Friday, March 21st. New Street Research set a $3.90 price objective on shares of New Gold in a report on Wednesday, March 26th. National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a research report on Wednesday, April 2nd. Finally, Raymond James set a $4.00 price target on New Gold and gave the stock a "market perform" rating in a research note on Friday, April 4th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, New Gold presently has a consensus rating of "Buy" and a consensus target price of $3.85.

New Gold Stock Performance

Shares of NYSE NGD traded down $0.09 during midday trading on Friday, hitting $3.38. 18,999,474 shares of the company's stock traded hands, compared to its average volume of 11,954,748. The firm has a fifty day moving average of $3.22 and a 200 day moving average of $2.93. New Gold Inc. has a 1 year low of $1.69 and a 1 year high of $3.86. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The stock has a market capitalization of $2.67 billion, a price-to-earnings ratio of 25.96 and a beta of 0.93.

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.