New Gold Inc. (NYSE:NGD) Stock Position Trimmed by Sprott Inc.

Sprott Inc. decreased its position in New Gold Inc. (NYSE:NGD) by 16.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 756,023 shares of the company’s stock after selling 152,633 shares during the period. Sprott Inc. owned approximately 0.10% of New Gold worth $1,875,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Allworth Financial LP grew its holdings in New Gold by 941.8% in the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after buying an additional 9,418 shares in the last quarter. DGS Capital Management LLC acquired a new position in New Gold during the 4th quarter worth $30,000. NorthCrest Asset Manangement LLC bought a new position in shares of New Gold in the third quarter worth $58,000. Atria Wealth Solutions Inc. acquired a new position in shares of New Gold during the fourth quarter valued at $87,000. Finally, Bank of New York Mellon Corp raised its stake in shares of New Gold by 11.9% during the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock valued at $125,000 after purchasing an additional 5,331 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Down 4.2 %

Shares of NGD stock opened at $2.72 on Wednesday. New Gold Inc. has a 1 year low of $1.10 and a 1 year high of $3.25. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The business’s fifty day moving average is $2.77 and its 200-day moving average is $2.77. The stock has a market cap of $2.15 billion, a PE ratio of 20.92 and a beta of 1.36.

Wall Street Analysts Forecast Growth

Separately, Scotiabank increased their target price on shares of New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 13th. One analyst has rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target 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.