Connor Clark & Lunn Investment Management Ltd. Lowers Position in New Gold Inc. $NGD

Connor Clark & Lunn Investment Management Ltd. reduced its position in shares of New Gold Inc. (NYSE:NGD) by 25.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,637,343 shares of the company’s stock after selling 2,908,639 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.09% of New Gold worth $42,968,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in New Gold by 40.6% during the 1st quarter. Bank of New York Mellon Corp now owns 70,728 shares of the company’s stock worth $262,000 after purchasing an additional 20,436 shares during the period. Oxbow Advisors LLC boosted its stake in shares of New Gold by 1.9% in the first quarter. Oxbow Advisors LLC now owns 282,400 shares of the company’s stock valued at $1,048,000 after buying an additional 5,400 shares in the last quarter. Kingsview Wealth Management LLC grew its holdings in New Gold by 758.5% during the first quarter. Kingsview Wealth Management LLC now owns 128,771 shares of the company’s stock worth $478,000 after acquiring an additional 113,771 shares during the period. Nwam LLC acquired a new position in New Gold during the first quarter worth $45,000. Finally, Private Advisor Group LLC purchased a new position in New Gold in the first quarter worth $50,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Performance

Shares of NYSE NGD opened at $7.03 on Monday. The company has a 50-day simple moving average of $6.79 and a 200-day simple moving average of $5.36. 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 company has a market cap of $5.57 billion, a PE ratio of 54.08 and a beta of 0.52. New Gold Inc. has a 12 month low of $2.43 and a 12 month high of $7.71.

Analyst Upgrades and Downgrades

Several brokerages have commented on NGD. National Bankshares restated an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. Raymond James Financial reissued a “market perform” rating and set a $7.00 price objective on shares of New Gold in a report on Friday, October 10th. Scotiabank increased their target price on shares of New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd. TD Securities reiterated a “hold” rating and set a $7.50 price target on shares of New Gold in a research report on Thursday, October 30th. Finally, CIBC boosted their price target on New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research note on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $6.63.

About New Gold

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.