Mackenzie Financial Corp Sells 3,965,690 Shares of New Gold Inc. $NGD

Mackenzie Financial Corp trimmed its stake in shares of New Gold Inc. (NYSE:NGD) by 45.0% during the second quarter, HoldingsChannel.com reports. The firm owned 4,853,991 shares of the company’s stock after selling 3,965,690 shares during the quarter. Mackenzie Financial Corp’s holdings in New Gold were worth $24,147,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in NGD. Employees Retirement System of Texas purchased a new position in New Gold during the 2nd quarter valued at about $32,000. SBI Securities Co. Ltd. lifted its holdings in shares of New Gold by 1,837.7% in the second quarter. SBI Securities Co. Ltd. now owns 8,933 shares of the company’s stock worth $44,000 after buying an additional 8,472 shares in the last quarter. Cary Street Partners Financial LLC bought a new position in shares of New Gold in the first quarter valued at approximately $37,000. Wealthspire Advisors LLC bought a new position in shares of New Gold in the second quarter valued at approximately $50,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in New Gold by 16,046.6% during the second quarter. Caitong International Asset Management Co. Ltd now owns 11,787 shares of the company’s stock valued at $58,000 after acquiring an additional 11,714 shares in the last quarter. Institutional investors own 42.82% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. CIBC increased their target price on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a research note on Friday, October 10th. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a report on Monday. Raymond James Financial reissued a “market perform” rating and set a $7.00 price objective on shares of New Gold in a research note on Friday, October 10th. National Bankshares restated an “outperform” rating on shares of New Gold in a research report on Thursday, October 30th. Finally, Scotiabank raised their price target on New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $7.38.

New Gold Price Performance

NGD opened at $8.28 on Tuesday. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $6.56 billion, a P/E ratio of 63.70 and a beta of 0.52. The stock has a 50-day moving average price of $7.09 and a 200-day moving average price of $5.76. New Gold Inc. has a 12-month low of $2.43 and a 12-month high of $8.62.

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.