Connor Clark & Lunn Investment Management Ltd. boosted its position in New Gold Inc (NYSEAMERICAN:NGD) by 517.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,324,416 shares of the basic materials company’s stock after acquiring an additional 1,109,888 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.23% of New Gold worth $1,018,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in NGD. Kopernik Global Investors LLC grew its stake in New Gold by 32.4% in the 3rd quarter. Kopernik Global Investors LLC now owns 35,499,116 shares of the basic materials company’s stock worth $28,161,000 after acquiring an additional 8,693,991 shares during the period. Renaissance Technologies LLC grew its stake in New Gold by 119.0% in the 3rd quarter. Renaissance Technologies LLC now owns 6,332,384 shares of the basic materials company’s stock worth $5,023,000 after acquiring an additional 3,441,350 shares during the period. BlueMountain Capital Management LLC grew its stake in New Gold by 209.1% in the 3rd quarter. BlueMountain Capital Management LLC now owns 3,824,559 shares of the basic materials company’s stock worth $3,019,000 after acquiring an additional 2,587,141 shares during the period. Exor Investments UK LLP grew its stake in New Gold by 13.9% in the 4th quarter. Exor Investments UK LLP now owns 19,036,695 shares of the basic materials company’s stock worth $14,407,000 after acquiring an additional 2,318,698 shares during the period. Finally, TSP Capital Management Group LLC grew its stake in New Gold by 49.9% in the 4th quarter. TSP Capital Management Group LLC now owns 5,271,000 shares of the basic materials company’s stock worth $3,989,000 after acquiring an additional 1,754,200 shares during the period. 51.53% of the stock is owned by hedge funds and other institutional investors.
NYSEAMERICAN:NGD opened at $0.90 on Friday. New Gold Inc has a twelve month low of $0.69 and a twelve month high of $2.66.
New Gold (NYSEAMERICAN:NGD) last posted its earnings results on Thursday, February 14th. The basic materials company reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.05. The business had revenue of $157.40 million for the quarter, compared to analyst estimates of $176.79 million.
NGD has been the topic of a number of research analyst reports. Zacks Investment Research lowered shares of New Gold from a “buy” rating to a “hold” rating in a report on Wednesday, February 6th. CIBC reiterated a “hold” rating on shares of New Gold in a report on Sunday, December 16th. TD Securities lifted their price target on shares of New Gold from $1.05 to $1.15 and gave the company a “hold” rating in a report on Thursday, January 10th. Finally, JPMorgan Chase & Co. upgraded shares of New Gold from an “underweight” rating to a “neutral” rating in a report on Tuesday, January 8th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $1.45.
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New Gold Company Profile
New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It primarily explores for gold, silver, and copper deposits. The company's operating properties include the Rainy River project located in Ontario, Canada; the New Afton project located near Kamloops, British Columbia, Canada; and the Cerro San Pedro mine located in the state of San Luis Potosí, Mexico.
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