New Gold Inc. (NYSE:NGD) Position Trimmed by Sprott Inc.

Sprott Inc. lowered its stake in New Gold Inc. (NYSE:NGD) by 16.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 756,023 shares of the company’s stock after selling 152,633 shares during the period. Sprott Inc.’s holdings in New Gold were worth $1,875,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its position in shares of New Gold by 684.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,466,500 shares of the company’s stock worth $4,255,000 after purchasing an additional 1,279,500 shares during the period. Allworth Financial LP increased its stake in New Gold by 941.8% in the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after purchasing an additional 9,418 shares in the last quarter. NorthCrest Asset Manangement LLC purchased a new position in New Gold in the 3rd quarter worth about $58,000. Van ECK Associates Corp raised its holdings in New Gold by 5.0% during the 3rd quarter. Van ECK Associates Corp now owns 73,884,631 shares of the company’s stock worth $215,743,000 after buying an additional 3,541,882 shares during the period. Finally, Intact Investment Management Inc. lifted its stake in New Gold by 9.4% during the third quarter. Intact Investment Management Inc. now owns 2,329,400 shares of the company’s stock valued at $6,752,000 after buying an additional 200,000 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Down 4.2 %

Shares of New Gold stock opened at $2.72 on Wednesday. New Gold Inc. has a 1 year low of $1.10 and a 1 year high of $3.25. The company has a market cap of $2.15 billion, a P/E ratio of 20.92 and a beta of 1.36. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The stock has a 50-day moving average price of $2.77 and a 200 day moving average price of $2.77.

Analyst Upgrades and Downgrades

Separately, Scotiabank lifted their target price on shares of New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, New Gold currently has a consensus rating of “Buy” and an average target price of $3.60.

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.