Intact Investment Management Inc. Sells 900,600 Shares of New Gold Inc. (NYSE:NGD)

Intact Investment Management Inc. lowered its position in New Gold Inc. (NYSE:NGD - Free Report) by 46.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,030,000 shares of the company's stock after selling 900,600 shares during the quarter. Intact Investment Management Inc. owned about 0.13% of New Gold worth $3,808,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in NGD. Renaissance Technologies LLC grew its holdings in New Gold by 11.6% during the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock valued at $62,363,000 after buying an additional 2,619,782 shares in the last quarter. Invesco Ltd. grew its holdings in New Gold by 3.6% during the 4th 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. American Century Companies Inc. grew its holdings in New Gold by 3.9% during the 4th quarter. American Century Companies Inc. now owns 12,250,758 shares of the company's stock valued at $30,577,000 after buying an additional 459,317 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of New Gold by 36.9% during the fourth quarter. Bank of Montreal Can now owns 9,703,381 shares of the company's stock worth $24,203,000 after purchasing an additional 2,613,285 shares in the last quarter. Finally, Hillsdale Investment Management Inc. grew its holdings in shares of New Gold by 97.1% during the fourth quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company's stock worth $23,657,000 after purchasing an additional 4,671,399 shares in the last quarter. Hedge funds and other institutional investors own 42.82% of the company's stock.

New Gold Stock Performance

NGD stock traded up $0.10 during trading on Monday, reaching $4.93. The stock had a trading volume of 30,271,860 shares, compared to its average volume of 14,526,478. New Gold Inc. has a 52 week low of $1.91 and a 52 week high of $5.06. The stock's 50 day moving average is $4.19 and its two-hundred day moving average is $3.38. 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 firm has a market cap of $3.90 billion, a PE ratio of 37.93 and a beta of 0.44.

Analyst Ratings Changes

Several analysts have issued reports on the company. CIBC upped their target price on New Gold from $3.40 to $4.75 and gave the stock an "outperformer" rating in a research note on Thursday, May 8th. Bank of America raised New Gold from an "underperform" rating to a "buy" rating and upped their price target for the stock from $2.60 to $3.90 in a research note on Wednesday, March 26th. National Bank Financial raised New Gold to a "strong-buy" rating in a research note on Friday, March 21st. Scotiabank reissued an "outperform" rating on shares of New Gold in a research note on Monday, April 14th. Finally, New Street Research set a $3.90 target price on New Gold in a research note on Wednesday, March 26th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, New Gold has a consensus rating of "Buy" and an average price target of $4.13.

New Gold 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.