New Gold Inc. $NGD Stock Position Decreased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn cut its stake in New Gold Inc. by 8.3% in Q3, selling 721,003 shares and ending the quarter with 7,916,340 shares (about a 1.00% ownership) valued at $56.7 million.
• Other institutional activity was notable: Vanguard increased holdings by 1,531.2% to 11,468,982 shares ($82.2M) and TD Asset Management added 44.3%, while institutional investors own 42.82% of the company.
• Shares opened at $11.05 (down 4.1%), with a 52-week range of $2.89–$13.63 and a market cap of $8.75B; analysts show a consensus Buy rating but an average price target of $8.18, even as several firms raised targets to about $12–$12.75.

Connor Clark & Lunn Investment Management Ltd. decreased its position in New Gold Inc. (NYSE:NGD - Free Report) by 8.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,916,340 shares of the company's stock after selling 721,003 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 1.00% of New Gold worth $56,699,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Campbell & CO Investment Adviser LLC bought a new position in New Gold during the third quarter valued at about $1,625,000. TD Asset Management Inc boosted its stake in shares of New Gold by 44.3% during the 3rd quarter. TD Asset Management Inc now owns 4,667,247 shares of the company's stock worth $33,443,000 after acquiring an additional 1,433,603 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of New Gold by 1,531.2% during the 3rd quarter. Vanguard Group Inc. now owns 11,468,982 shares of the company's stock valued at $82,164,000 after acquiring an additional 10,765,902 shares during the last quarter. Triasima Portfolio Management inc. increased its holdings in shares of New Gold by 41.2% during the 3rd quarter. Triasima Portfolio Management inc. now owns 849,586 shares of the company's stock valued at $6,088,000 after acquiring an additional 247,821 shares during the last quarter. Finally, CIBC Asset Management Inc raised its stake in shares of New Gold by 31.2% in the 3rd quarter. CIBC Asset Management Inc now owns 1,462,328 shares of the company's stock valued at $10,464,000 after acquiring an additional 347,846 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company's stock.

New Gold Trading Down 4.1%

New Gold stock opened at $11.05 on Thursday. New Gold Inc. has a 52 week low of $2.89 and a 52 week high of $13.63. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. The firm has a market capitalization of $8.75 billion, a PE ratio of 85.01 and a beta of 0.56. The business's 50-day simple moving average is $11.11 and its 200-day simple moving average is $8.58.

Analysts Set New Price Targets

NGD has been the subject of a number of recent analyst reports. Zacks Research raised New Gold from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 27th. TD Securities raised shares of New Gold from a "hold" rating to a "buy" rating and set a $12.00 price target on the stock in a research report on Monday, December 1st. Finally, Scotiabank boosted their price objective on shares of New Gold to $12.75 and gave the stock an "outperform" rating in a research note on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $8.18.

New Gold Company Profile

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.

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