New Gold Inc. $NGD Shares Sold by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. reduced its holdings in shares of New Gold Inc. (NYSE:NGD) by 26.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,535,228 shares of the company’s stock after selling 1,965,511 shares during the period. New Gold makes up 1.2% of Hillsdale Investment Management Inc.’s holdings, making the stock its 16th largest position. Hillsdale Investment Management Inc. owned approximately 0.70% of New Gold worth $39,644,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Pekin Hardy Strauss Inc. grew its stake in shares of New Gold by 2.1% during the third quarter. Pekin Hardy Strauss Inc. now owns 484,250 shares of the company’s stock worth $3,477,000 after acquiring an additional 10,000 shares during the last quarter. Vanguard Group Inc. boosted its stake in New Gold by 1,531.2% in the 3rd quarter. Vanguard Group Inc. now owns 11,468,982 shares of the company’s stock worth $82,164,000 after purchasing an additional 10,765,902 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in New Gold by 16.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,357,047 shares of the company’s stock worth $95,904,000 after purchasing an additional 1,891,468 shares in the last quarter. Public Sector Pension Investment Board purchased a new stake in New Gold during the 3rd quarter worth approximately $424,000. Finally, GK Wealth Management LLC increased its stake in New Gold by 64.0% during the 3rd quarter. GK Wealth Management LLC now owns 36,974 shares of the company’s stock valued at $265,000 after purchasing an additional 14,429 shares in the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

New Gold Stock Up 2.7%

New Gold stock opened at $12.22 on Friday. The business’s 50-day moving average price is $10.27 and its 200 day moving average price is $7.93. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38. The firm has a market cap of $9.68 billion, a price-to-earnings ratio of 94.01 and a beta of 0.59. New Gold Inc. has a 52 week low of $2.60 and a 52 week high of $13.63.

Analysts Set New Price Targets

A number of research firms have issued reports on NGD. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Monday, December 1st. Zacks Research upgraded New Gold from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 27th. Scotiabank lifted their price target on New Gold to $12.75 and gave the stock an “outperform” rating in a research report on Monday, January 26th. Finally, National Bank Financial reissued an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $8.18.

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.