New Gold Inc. (NYSE:NGD) Shares Sold by Heartland Advisors Inc.

Key Points

• Heartland Advisors Inc. has reduced its stake in New Gold Inc. by 26.5%, selling 1,285,050 shares and now holds approximately 3,555,600 shares valued at $13,191,000.
• Several institutional investors, including Kingsview Wealth Management LLC, significantly increased their holdings in New Gold during the first quarter, indicating growing interest in the company.
• Analysts have issued a consensus rating of "Buy" for New Gold, with an average target price of $4.38, following upgrades from several research firms.

Heartland Advisors Inc. trimmed its position in shares of New Gold Inc. (NYSE:NGD - Free Report) by 26.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,555,600 shares of the company's stock after selling 1,285,050 shares during the quarter. Heartland Advisors Inc. owned 0.45% of New Gold worth $13,191,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in NGD. SIH Partners LLLP purchased a new stake in New Gold in the 4th quarter valued at approximately $27,000. Tudor Investment Corp ET AL acquired a new stake in shares of New Gold in the 4th quarter valued at approximately $27,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of New Gold in the fourth quarter valued at approximately $39,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in New Gold during the fourth quarter worth $43,000. Finally, Nwam LLC purchased a new position in New Gold in the first quarter worth $45,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

New Gold Price Performance

NGD traded up $0.20 during midday trading on Tuesday, reaching $4.33. 12,531,085 shares of the company's stock were exchanged, compared to its average volume of 20,416,658. New Gold Inc. has a 1-year low of $1.94 and a 1-year high of $5.16. The stock has a market capitalization of $3.42 billion, a PE ratio of 33.27 and a beta of 0.45. 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 business's 50-day moving average price is $4.65 and its 200 day moving average price is $3.73.

Analysts Set New Price Targets

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

New Gold Company 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.