PCJ Investment Counsel Ltd. Decreases Position in New Gold Inc. $NGD

PCJ Investment Counsel Ltd. lowered its stake in New Gold Inc. (NYSE:NGD) by 29.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 585,660 shares of the company’s stock after selling 248,000 shares during the quarter. PCJ Investment Counsel Ltd. owned about 0.07% of New Gold worth $4,195,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NGD. Millennium Management LLC raised its stake in shares of New Gold by 91.1% during the first quarter. Millennium Management LLC now owns 1,792,631 shares of the company’s stock valued at $6,642,000 after purchasing an additional 854,586 shares during the period. NewEdge Advisors LLC grew its holdings in New Gold by 99.1% during the 1st quarter. NewEdge Advisors LLC now owns 80,375 shares of the company’s stock valued at $298,000 after purchasing an additional 40,000 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in New Gold by 74.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company’s stock worth $23,923,000 after buying an additional 2,760,692 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in New Gold by 4.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 951,651 shares of the company’s stock worth $3,531,000 after buying an additional 40,995 shares in the last quarter. Finally, AE Wealth Management LLC acquired a new position in New Gold in the 2nd quarter worth $91,000. 42.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NGD has been the topic of a number of analyst reports. Zacks Research raised New Gold from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 27th. TD Securities upgraded New Gold from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Monday, December 1st. Finally, Scotiabank increased their target price on New Gold to $12.75 and gave the company an “outperform” rating in a research note on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, New Gold presently has a consensus rating of “Buy” and an average price target of $8.18.

New Gold Trading Up 3.1%

Shares of NYSE NGD opened at $11.52 on Wednesday. The stock’s 50 day moving average price is $11.06 and its two-hundred day moving average price is $8.56. New Gold Inc. has a 52-week low of $2.84 and a 52-week high of $13.63. The stock has a market capitalization of $9.12 billion, a P/E ratio of 88.62 and a beta of 0.56. 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 Company Profile

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.