Connor Clark & Lunn Investment Management Ltd. Cuts Stock Holdings in New Gold Inc. (NYSE:NGD)

Connor Clark & Lunn Investment Management Ltd. reduced its position in shares of New Gold Inc. (NYSE:NGD) by 13.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,964,782 shares of the company’s stock after selling 1,862,500 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in New Gold were worth $29,843,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. JGP Global Gestao de Recursos Ltda. raised its holdings in New Gold by 27.8% during the fourth quarter. JGP Global Gestao de Recursos Ltda. now owns 6,500,000 shares of the company’s stock worth $16,120,000 after purchasing an additional 1,412,003 shares in the last quarter. Amundi raised its holdings in New Gold by 68.6% during the fourth quarter. Amundi now owns 5,877,726 shares of the company’s stock worth $16,105,000 after purchasing an additional 2,391,764 shares in the last quarter. Two Sigma Advisers LP raised its holdings in New Gold by 18.7% during the third quarter. Two Sigma Advisers LP now owns 4,322,930 shares of the company’s stock worth $12,450,000 after purchasing an additional 681,822 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in New Gold by 9,360.7% during the third quarter. BNP Paribas Financial Markets now owns 2,692,614 shares of the company’s stock worth $7,755,000 after purchasing an additional 2,664,153 shares in the last quarter. Finally, National Bank of Canada FI raised its holdings in New Gold by 22.9% during the third quarter. National Bank of Canada FI now owns 2,374,142 shares of the company’s stock worth $6,844,000 after purchasing an additional 442,527 shares in the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Scotiabank upped their target price on shares of New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 13th. CIBC lowered their target price on shares of New Gold from $3.60 to $3.40 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. One research analyst has rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, New Gold presently has an average rating of “Buy” and a consensus price target of $3.60.

New Gold Trading Up 2.7 %

Shares of NGD opened at $3.08 on Thursday. The firm’s 50-day moving average is $2.83 and its two-hundred day moving average is $2.78. The firm has a market capitalization of $2.44 billion, a P/E ratio of 23.69 and a beta of 1.35. New Gold Inc. has a twelve month low of $1.52 and a twelve month high of $3.25. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

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.