New Gold Inc. $NGD Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lessened its stake in New Gold Inc. (NYSE:NGD) by 25.2% during the second quarter, Holdings Channel reports. The firm owned 8,637,343 shares of the company’s stock after selling 2,908,639 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in New Gold were worth $42,968,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in shares of New Gold by 40.6% during the 1st 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 during the last quarter. Oxbow Advisors LLC boosted its holdings in New Gold by 1.9% in the first quarter. Oxbow Advisors LLC now owns 282,400 shares of the company’s stock valued at $1,048,000 after acquiring an additional 5,400 shares during the last quarter. Kingsview Wealth Management LLC grew its position in New Gold by 758.5% during the first quarter. Kingsview Wealth Management LLC now owns 128,771 shares of the company’s stock valued at $478,000 after acquiring an additional 113,771 shares during the period. Nwam LLC acquired a new stake in New Gold during the first quarter worth about $45,000. Finally, Private Advisor Group LLC acquired a new stake in New Gold during the first quarter worth about $50,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NGD. TD Securities reiterated a “hold” rating and set a $7.50 target price on shares of New Gold in a report on Thursday, October 30th. National Bankshares restated an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Scotiabank boosted their price objective on shares of New Gold from $5.50 to $8.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. CIBC increased their price objective on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research report on Friday, October 10th. Finally, Raymond James Financial reissued a “market perform” rating and issued a $7.00 target price on shares of New Gold in a research note on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $6.63.

New Gold Stock Up 1.6%

Shares of NYSE:NGD opened at $7.03 on Monday. 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 company has a fifty day simple moving average of $6.79 and a 200 day simple moving average of $5.36. The firm has a market cap of $5.57 billion, a PE ratio of 54.08 and a beta of 0.52. New Gold Inc. has a 12-month low of $2.43 and a 12-month high of $7.71.

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.