Mackenzie Financial Corp Lowers Stock Holdings in New Gold Inc. (NYSE:NGD)

Mackenzie Financial Corp lessened its holdings in shares of New Gold Inc. (NYSE:NGD - Free Report) by 11.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,251,786 shares of the company's stock after selling 1,747,750 shares during the quarter. Mackenzie Financial Corp owned about 1.68% of New Gold worth $33,060,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its position in New Gold by 0.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company's stock worth $3,669,000 after buying an additional 4,500 shares during the last quarter. Oxbow Advisors LLC lifted its position in New Gold by 1.7% in the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company's stock valued at $687,000 after purchasing an additional 4,624 shares during the last quarter. Bank of New York Mellon Corp lifted its position in New Gold by 11.9% in 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 during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in New Gold by 0.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 910,656 shares of the company's stock valued at $2,258,000 after purchasing an additional 7,367 shares during the last quarter. Finally, Swiss National Bank grew its stake in shares of New Gold by 0.6% in the fourth quarter. Swiss National Bank now owns 1,566,862 shares of the company's stock worth $3,911,000 after purchasing an additional 9,500 shares during the last quarter. Institutional investors own 42.82% of the company's stock.

Analyst Upgrades and Downgrades

NGD has been the topic of several recent analyst reports. National Bank Financial raised New Gold to a "strong-buy" rating in a research note on Friday, March 21st. National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a research note on Wednesday, April 2nd. Scotiabank reissued an "outperform" rating on shares of New Gold in a research note on Monday, April 14th. Raymond James set a $4.00 target price on New Gold and gave the stock a "market perform" rating in a research note on Friday, April 4th. Finally, Bank of America raised New Gold from an "underperform" rating to a "buy" rating and increased their target price for the company from $2.60 to $3.90 in a report on Wednesday, March 26th. One research analyst has rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $4.04.

New Gold Price Performance

Shares of NGD traded up $0.10 during midday trading on Wednesday, hitting $4.40. 19,290,171 shares of the company traded hands, compared to its average volume of 13,251,851. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.39. New Gold Inc. has a 52 week low of $1.90 and a 52 week high of $4.40. The firm has a 50 day moving average of $3.67 and a 200-day moving average of $3.11. The stock has a market cap of $3.48 billion, a price-to-earnings ratio of 33.85 and a beta of 0.54.

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.