Connor Clark & Lunn Investment Management Ltd. Sells 1,862,500 Shares of New Gold Inc. (NYSE:NGD)

Connor Clark & Lunn Investment Management Ltd. lessened its stake in shares of New Gold Inc. (NYSE:NGD - Free Report) by 13.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,964,782 shares of the company's stock after selling 1,862,500 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.51% of New Gold worth $29,843,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NGD. BNP Paribas Financial Markets increased its position in New Gold by 9,360.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company's stock valued at $7,755,000 after buying an additional 2,664,153 shares in the last quarter. Amundi lifted its position in New Gold by 68.6% in the 4th quarter. Amundi now owns 5,877,726 shares of the company's stock valued at $16,105,000 after acquiring an additional 2,391,764 shares in the last quarter. ArrowMark Colorado Holdings LLC bought a new position in New Gold in the 3rd quarter valued at approximately $4,787,000. Lord Abbett & CO. LLC bought a new position in New Gold in the 3rd quarter valued at approximately $4,435,000. Finally, JGP Global Gestao de Recursos Ltda. lifted its position in New Gold by 27.8% in the 4th quarter. JGP Global Gestao de Recursos Ltda. now owns 6,500,000 shares of the company's stock valued at $16,120,000 after acquiring an additional 1,412,003 shares in the last quarter. Institutional investors own 42.82% of the company's stock.

New Gold Stock Performance

NGD traded down $0.04 during trading on Friday, hitting $3.19. The company's stock had a trading volume of 21,653,361 shares, compared to its average volume of 15,170,088. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. New Gold Inc. has a one year low of $1.52 and a one year high of $3.31. The firm has a market cap of $2.52 billion, a PE ratio of 24.54 and a beta of 1.35. The business's 50 day simple moving average is $2.87 and its 200-day simple moving average is $2.79.

Remove Ads

Analyst Ratings Changes

Several research firms recently issued reports on NGD. Scotiabank upped their price objective on New Gold from $3.50 to $4.00 and gave the company a "sector outperform" rating in a research report on Thursday, February 13th. CIBC cut their target price on shares of 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 investment 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 stock. According to MarketBeat.com, New Gold currently has an average rating of "Buy" and a consensus target price of $3.60.

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.