Scotia Capital Inc. Sells 114,486 Shares of New Gold Inc. (NYSE:NGD)

Scotia Capital Inc. decreased its stake in shares of New Gold Inc. (NYSE:NGD) by 68.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,374 shares of the company’s stock after selling 114,486 shares during the quarter. Scotia Capital Inc.’s holdings in New Gold were worth $132,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its position in shares of New Gold by 11.6% during the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company’s stock worth $62,363,000 after acquiring an additional 2,619,782 shares during the period. Invesco Ltd. increased its holdings in New Gold by 3.6% during the 4th quarter. Invesco Ltd. now owns 13,481,005 shares of the company’s stock worth $33,433,000 after purchasing an additional 469,748 shares during the period. American Century Companies Inc. raised its position in New Gold by 3.9% during the 4th quarter. American Century Companies Inc. now owns 12,250,758 shares of the company’s stock valued at $30,577,000 after purchasing an additional 459,317 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of New Gold by 36.9% in the 4th quarter. Bank of Montreal Can now owns 9,703,381 shares of the company’s stock worth $24,203,000 after buying an additional 2,613,285 shares during the period. Finally, Hillsdale Investment Management Inc. grew its position in shares of New Gold by 97.1% during the 4th quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company’s stock worth $23,657,000 after buying an additional 4,671,399 shares in the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Raymond James set a $4.00 price objective on New Gold and gave the company a “market perform” rating in a report on Friday, April 4th. Scotiabank increased their price objective on shares of New Gold from $4.25 to $4.75 and gave the company a “sector outperform” rating in a research note on Monday. Bank of America raised shares of New Gold from an “underperform” rating to a “buy” rating and lifted their price objective for the company from $2.60 to $3.90 in a report on Wednesday, March 26th. National Bank Financial raised New Gold to a “strong-buy” rating in a research report on Friday, March 21st. Finally, National Bankshares reiterated an “outperform” rating on shares of New Gold in a report on Wednesday, April 2nd. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $3.85.

New Gold Stock Up 1.4 %

New Gold stock opened at $3.64 on Wednesday. New Gold Inc. has a 1-year low of $1.66 and a 1-year high of $3.78. The business has a fifty day moving average price of $3.13 and a 200-day moving average price of $2.89. 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 has a market capitalization of $2.88 billion, a price-to-earnings ratio of 28.00 and a beta of 0.93.

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.