Connor Clark & Lunn Investment Management Ltd. Sells 418,800 Shares of New Gold Inc. (NYSE:NGD)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in New Gold Inc. by 3.5% to approximately $42.69 million, holding 11,545,982 shares after selling 418,800 shares in the first quarter.
• A range of hedge funds have adjusted their positions in New Gold Inc., with notable increases including PCJ Investment Counsel Ltd. acquiring a new stake valued at about $4.93 million and National Bank of Canada FI boosting its holdings by 32%.
• Analysts have a positive outlook on New Gold Inc., with an average rating of "Buy" and a target price increase to $6.25 from $5.50 by CIBC.

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of New Gold Inc. (NYSE:NGD - Free Report) by 3.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,545,982 shares of the company's stock after selling 418,800 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.46% of New Gold worth $42,691,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Invesco Ltd. grew its stake in shares of New Gold by 3.6% in the fourth quarter. Invesco Ltd. now owns 13,481,005 shares of the company's stock valued at $33,433,000 after buying an additional 469,748 shares in the last quarter. JGP Global Gestao de Recursos Ltda. grew its stake in shares of New Gold by 64.4% in the first quarter. JGP Global Gestao de Recursos Ltda. now owns 10,687,997 shares of the company's stock valued at $39,652,000 after buying an additional 4,187,997 shares in the last quarter. Bank of Montreal Can grew its stake in shares of New Gold by 36.9% in the fourth quarter. Bank of Montreal Can now owns 9,703,381 shares of the company's stock valued at $24,203,000 after buying an additional 2,613,285 shares in the last quarter. Bank of America Corp DE grew its stake in shares of New Gold by 46.2% in the fourth quarter. Bank of America Corp DE now owns 7,925,231 shares of the company's stock valued at $19,655,000 after buying an additional 2,504,157 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of New Gold by 97.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock valued at $14,742,000 after buying an additional 2,931,470 shares in the last quarter. 42.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on NGD shares. Wall Street Zen raised New Gold from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Scotiabank reaffirmed an "outperform" rating on shares of New Gold in a report on Monday, April 14th. CIBC lifted their target price on New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a report on Tuesday, July 15th. Raymond James Financial raised New Gold to a "hold" rating and set a $4.00 target price for the company in a report on Monday, June 30th. Finally, National Bankshares reiterated an "outperform" rating on shares of New Gold in a research note on Tuesday, June 24th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $4.38.

New Gold Price Performance

New Gold stock traded up $0.08 during midday trading on Tuesday, reaching $4.96. The company's stock had a trading volume of 9,784,426 shares, compared to its average volume of 20,013,826. The stock has a market cap of $3.93 billion, a PE ratio of 38.16 and a beta of 0.38. 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 business has a 50-day moving average price of $4.69 and a 200-day moving average price of $3.85. New Gold Inc. has a 52 week low of $2.30 and a 52 week high of $5.16.

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.