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

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

A number of other institutional investors and hedge funds have also modified their holdings of NGD. Atria Wealth Solutions Inc. acquired a new stake in New Gold during the 4th quarter worth about $87,000. Oxbow Advisors LLC lifted its position in shares of New Gold by 1.7% in the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company's stock worth $687,000 after purchasing an additional 4,624 shares in the last quarter. Bank of New York Mellon Corp grew its position in New Gold by 11.9% during the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company's stock valued at $125,000 after purchasing an additional 5,331 shares in the last quarter. Kohmann Bosshard Financial Services LLC lifted its position in New Gold by 42.9% in the 4th quarter. Kohmann Bosshard Financial Services LLC now owns 50,000 shares of the company's stock worth $124,000 after buying an additional 15,000 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new stake in New Gold in the 4th quarter worth approximately $208,000. Hedge funds and other institutional investors own 42.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NGD. National Bank Financial upgraded New Gold to a "strong-buy" rating in a report on Friday, March 21st. New Street Research set a $3.90 price target on New Gold in a research note on Wednesday, March 26th. Raymond James Financial set a $4.00 price target on New Gold and gave the company a "market perform" rating in a report on Friday, April 4th. National Bankshares restated an "outperform" rating on shares of New Gold in a report on Wednesday, April 2nd. Finally, CIBC lifted their target price on shares of New Gold from $3.40 to $4.75 and gave the company an "outperformer" rating in a research note on Thursday, May 8th. One analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $4.13.

New Gold Stock Performance

New Gold stock traded down $0.02 during mid-day trading on Wednesday, reaching $4.83. The company had a trading volume of 19,201,602 shares, compared to its average volume of 14,687,223. 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 $3.82 billion, a price-to-earnings ratio of 37.16 and a beta of 0.44. The company has a 50 day moving average of $4.24 and a 200-day moving average of $3.40. New Gold Inc. has a 52 week low of $1.91 and a 52 week high of $5.06.

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.