Montrusco Bolton Investments Inc. Cuts Stock Holdings in New Gold Inc. (NYSE:NGD)

Montrusco Bolton Investments Inc. reduced its position in shares of New Gold Inc. (NYSE:NGD - Free Report) by 16.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,395,223 shares of the company's stock after selling 847,324 shares during the period. Montrusco Bolton Investments Inc. owned about 0.56% of New Gold worth $16,246,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Oxbow Advisors LLC lifted its position in New Gold by 1.9% in the first quarter. Oxbow Advisors LLC now owns 282,400 shares of the company's stock valued at $1,048,000 after acquiring an additional 5,400 shares during the last quarter. Pekin Hardy Strauss Inc. increased its stake in shares of New Gold by 10.2% during the first quarter. Pekin Hardy Strauss Inc. now owns 541,750 shares of the company's stock worth $2,010,000 after acquiring an additional 50,000 shares during the period. Financial Counselors Inc. acquired a new position in shares of New Gold during the first quarter worth about $289,000. Riggs Asset Managment Co. Inc. acquired a new position in shares of New Gold during the first quarter worth about $1,141,000. Finally, Bank of New York Mellon Corp increased its stake in shares of New Gold by 40.6% during the first quarter. Bank of New York Mellon Corp now owns 70,728 shares of the company's stock worth $262,000 after acquiring an additional 20,436 shares during the period. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Price Performance

Shares of NYSE NGD traded down $0.04 on Friday, hitting $4.30. The company's stock had a trading volume of 11,835,856 shares, compared to its average volume of 15,272,509. New Gold Inc. has a 12-month low of $1.94 and a 12-month high of $5.16. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 33.08 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 stock has a 50 day moving average of $4.57 and a 200-day moving average of $3.63.

Analysts Set New Price Targets

Several brokerages have weighed in on NGD. New Street Research set a $3.90 target price on shares of New Gold in a research report on Wednesday, March 26th. National Bank Financial upgraded shares of New Gold to a "strong-buy" rating in a research report on Friday, March 21st. Wall Street Zen upgraded shares of New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. 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. Finally, Scotiabank restated an "outperform" rating on shares of New Gold in a research report on Monday, April 14th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $4.38.

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.