Intact Investment Management Inc. Has $160,000 Holdings in New Gold Inc. $NGD

Intact Investment Management Inc. decreased its holdings in shares of New Gold Inc. (NYSE:NGD) by 97.0% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 22,400 shares of the company’s stock after selling 714,100 shares during the period. Intact Investment Management Inc.’s holdings in New Gold were worth $160,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Wealth Enhancement Advisory Services LLC bought a new position in New Gold in the third quarter valued at approximately $41,000. Employees Retirement System of Texas acquired a new position in shares of New Gold in the 2nd quarter valued at $32,000. Global Retirement Partners LLC boosted its position in shares of New Gold by 190.7% in the 3rd quarter. Global Retirement Partners LLC now owns 7,031 shares of the company’s stock worth $50,000 after purchasing an additional 4,612 shares during the last quarter. Byrne Asset Management LLC acquired a new stake in shares of New Gold during the third quarter worth $60,000. Finally, SBI Securities Co. Ltd. grew its stake in shares of New Gold by 1,837.7% during the second quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock worth $44,000 after purchasing an additional 8,472 shares during the period. 42.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on NGD shares. Scotiabank increased their target price on New Gold to $12.75 and gave the company an “outperform” rating in a research note on Monday. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a research note on Thursday, October 30th. Raymond James Financial reiterated a “market perform” rating and issued a $7.00 price target on shares of New Gold in a research report on Friday, October 10th. TD Securities upgraded shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Monday, December 1st. Finally, CIBC upped their target price on shares of New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a research note on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $8.18.

New Gold Stock Down 2.7%

NYSE:NGD opened at $12.50 on Tuesday. The stock has a 50-day simple moving average of $8.97 and a 200 day simple moving average of $7.08. New Gold Inc. has a 52-week low of $2.60 and a 52-week high of $13.63. The company has a market cap of $9.90 billion, a PE ratio of 96.16 and a beta of 0.62. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39.

About New Gold

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.