New Gold Inc. (NYSE:NGD) Stock Position Decreased by Intact Investment Management Inc.

Intact Investment Management Inc. cut its position in shares of New Gold Inc. (NYSE:NGD) by 17.1% in the fourth quarter, according to its most recent 13F 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 period. Intact Investment Management Inc.’s holdings in New Gold were worth $4,821,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. DGS Capital Management LLC bought a new position in shares of New Gold in the 4th quarter valued at approximately $30,000. Generali Investments CEE investicni spolecnost a.s. bought a new position in shares of New Gold in the 4th quarter valued at approximately $74,000. Atria Wealth Solutions Inc. bought a new position in shares of New Gold in the 4th quarter valued at approximately $87,000. Daiwa Securities Group Inc. bought a new position in shares of New Gold in the 4th quarter valued at approximately $103,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of New Gold in the 4th quarter valued at approximately $107,000. 42.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NGD. Scotiabank raised their price objective on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research note on Thursday, February 13th. CIBC cut their price objective on New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $3.60.

New Gold Stock Performance

NGD opened at $3.19 on Friday. The firm has a market capitalization of $2.52 billion, a P/E ratio of 24.54 and a beta of 1.35. The stock’s 50 day moving average price is $2.86 and its two-hundred day moving average price is $2.79. 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 12-month low of $1.52 and a 12-month high of $3.31.

New Gold 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.