Intact Investment Management Inc. Has $4.82 Million Stock Position in New Gold Inc. (NYSE:NGD)

Intact Investment Management Inc. decreased its stake in New Gold Inc. (NYSE:NGD) by 17.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,930,600 shares of the company’s stock after selling 398,800 shares during the quarter. Intact Investment Management Inc. owned 0.24% of New Gold worth $4,821,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. DGS Capital Management LLC acquired a new position in shares of New Gold in the 4th quarter valued at $30,000. Generali Investments CEE investicni spolecnost a.s. acquired a new position in shares of New Gold in the 4th quarter valued at $74,000. Atria Wealth Solutions Inc. acquired a new position in shares of New Gold in the 4th quarter valued at $87,000. Daiwa Securities Group Inc. acquired a new position in shares of New Gold in the 4th quarter valued at $103,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in New Gold in the 4th quarter worth about $107,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Down 1.2 %

NGD opened at $3.19 on Friday. New Gold Inc. has a fifty-two week low of $1.52 and a fifty-two week high of $3.31. The business has a 50-day moving average of $2.86 and a 200-day moving average of $2.79. 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 company has a market capitalization of $2.52 billion, a PE ratio of 24.54 and a beta of 1.35.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Scotiabank increased their price objective on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. CIBC reduced their price objective on New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a research note on Thursday, February 27th. One analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $3.60.

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.