MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 281,870 Shares of New Gold Inc. $NGD

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. decreased its holdings in New Gold Inc. by 15.5%, selling 281,870 shares and now owns 1,533,779 shares valued at approximately $5.69 million.
• Institutional investors now control 42.82% of New Gold's stock, with several other hedge funds like Amundi and Federation des caisses Desjardins du Quebec significantly increasing their stakes in the company.
• Analyst ratings for New Gold show an overall "Buy" sentiment, with a recent price target increase from $5.50 to $6.25 by CIBC.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lowered its holdings in New Gold Inc. (NYSE:NGD - Free Report) by 15.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,533,779 shares of the company's stock after selling 281,870 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.19% of New Gold worth $5,690,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Invenomic Capital Management LP grew its stake in New Gold by 1.6% in the first quarter. Invenomic Capital Management LP now owns 3,411,752 shares of the company's stock worth $12,658,000 after purchasing an additional 52,360 shares during the period. Financial Sense Advisors Inc. purchased a new stake in shares of New Gold during the first quarter valued at $652,000. Foundry Partners LLC bought a new stake in shares of New Gold in the first quarter worth approximately $3,960,000. Captrust Financial Advisors raised its stake in New Gold by 24.6% during the 4th quarter. Captrust Financial Advisors now owns 55,700 shares of the company's stock valued at $138,000 after buying an additional 11,000 shares during the last quarter. Finally, Ritholtz Wealth Management purchased a new stake in New Gold during the first quarter valued at $116,000. Institutional investors own 42.82% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on NGD shares. Raymond James Financial raised shares of New Gold to a "hold" rating and set a $4.00 price objective for the company in a research report on Monday, June 30th. National Bankshares reiterated an "outperform" rating on shares of New Gold in a report on Tuesday, September 9th. Finally, CIBC raised their target price on shares of New Gold from $5.50 to $6.25 and gave the company an "outperformer" rating in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $4.56.

New Gold Trading Down 4.6%

Shares of NGD traded down $0.31 during trading hours on Tuesday, reaching $6.43. 17,497,419 shares of the company traded hands, compared to its average volume of 19,165,104. 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 $5.09 billion, a price-to-earnings ratio of 49.47 and a beta of 0.43. The stock's fifty day moving average price is $5.19 and its 200 day moving average price is $4.37. New Gold Inc. has a 12-month low of $2.43 and a 12-month high of $6.80.

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.