Montrusco Bolton Investments Inc. Decreases Stake in New Gold Inc. $NGD

Montrusco Bolton Investments Inc. reduced its position in New Gold Inc. (NYSE:NGD) by 27.1% during the second quarter, Holdings Channel.com reports. The institutional investor owned 3,202,022 shares of the company’s stock after selling 1,193,201 shares during the period. Montrusco Bolton Investments Inc.’s holdings in New Gold were worth $15,887,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in NGD. SG Americas Securities LLC lifted its position in shares of New Gold by 69.2% in the first quarter. SG Americas Securities LLC now owns 113,640 shares of the company’s stock worth $422,000 after buying an additional 46,465 shares in the last quarter. Ritholtz Wealth Management purchased a new stake in shares of New Gold in the first quarter worth about $116,000. Allspring Global Investments Holdings LLC lifted its position in shares of New Gold by 68.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,471,000 shares of the company’s stock worth $9,137,000 after buying an additional 1,000,000 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of New Gold by 40.6% in the first quarter. Bank of New York Mellon Corp now owns 70,728 shares of the company’s stock worth $262,000 after buying an additional 20,436 shares in the last quarter. Finally, Riggs Asset Managment Co. Inc. purchased a new stake in shares of New Gold in the first quarter worth about $1,141,000. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

New Gold Trading Up 0.3%

Shares of NGD stock opened at $6.84 on Monday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84. The stock’s 50 day simple moving average is $6.10 and its two-hundred day simple moving average is $4.86. New Gold Inc. has a 1 year low of $2.43 and a 1 year high of $7.59. The company has a market cap of $5.42 billion, a PE ratio of 52.62 and a beta of 0.46.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on NGD shares. CIBC boosted their target price on New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research report on Friday. National Bankshares restated an “outperform” rating on shares of New Gold in a research report on Tuesday, September 9th. Finally, Raymond James Financial restated a “market perform” rating and set a $7.00 price objective on shares of New Gold in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $5.81.

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.