Nikko Asset Management Americas Inc. Has $573,000 Stock Position in New Gold Inc. (NYSE:NGD)

Nikko Asset Management Americas Inc. reduced its stake in shares of New Gold Inc. (NYSE:NGD) by 12.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 231,209 shares of the company’s stock after selling 34,232 shares during the quarter. Nikko Asset Management Americas Inc.’s holdings in New Gold were worth $573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of NGD. DGS Capital Management LLC bought a new position in shares of New Gold during the 4th quarter worth about $30,000. Generali Investments CEE investicni spolecnost a.s. bought a new position in New Gold during the fourth quarter valued at about $74,000. Atria Wealth Solutions Inc. acquired a new position in New Gold in the 4th quarter valued at approximately $87,000. Daiwa Securities Group Inc. bought a new stake in shares of New Gold in the 4th quarter worth approximately $103,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of New Gold during the 4th quarter worth approximately $107,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

New Gold Stock Performance

Shares of NYSE:NGD opened at $3.36 on Tuesday. 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 business’s fifty day moving average price is $2.88 and its two-hundred day moving average price is $2.80. New Gold Inc. has a fifty-two week low of $1.52 and a fifty-two week high of $3.39. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 25.85 and a beta of 1.35.

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.