Mackenzie Financial Corp Has $32.60 Million Stock Position in New Gold Inc. (NYSE:NGD)

Key Points

• Mackenzie Financial Corp has reduced its stake in New Gold Inc. by 33.4%, selling over 4.4 million shares, and now holds approximately 8.8 million shares valued at $32.6 million.
• Institutional investors now own 42.82% of New Gold, with TD Asset Management increasing its holdings by 7.1% in the first quarter.
• Analysts have given New Gold a consensus rating of “Buy” with a target price of $4.38, with upgrades from multiple research firms in recent months.

Mackenzie Financial Corp lowered its holdings in shares of New Gold Inc. (NYSE:NGD - Free Report) by 33.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,819,681 shares of the company's stock after selling 4,432,105 shares during the quarter. Mackenzie Financial Corp owned 1.11% of New Gold worth $32,604,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of NGD. Renaissance Technologies LLC increased its position in shares of New Gold by 11.6% during the 4th quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock worth $62,363,000 after purchasing an additional 2,619,782 shares during the last quarter. Invesco Ltd. increased its position in shares of New Gold by 3.6% during the 4th quarter. Invesco Ltd. now owns 13,481,005 shares of the company's stock worth $33,433,000 after purchasing an additional 469,748 shares during the last quarter. Bank of Montreal Can increased its position in shares of New Gold by 36.9% during the 4th quarter. Bank of Montreal Can now owns 9,703,381 shares of the company's stock worth $24,203,000 after purchasing an additional 2,613,285 shares during the last quarter. Franklin Resources Inc. increased its position in shares of New Gold by 1.3% during the 4th quarter. Franklin Resources Inc. now owns 8,496,204 shares of the company's stock worth $21,073,000 after purchasing an additional 110,500 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of New Gold by 46.2% during the 4th quarter. Bank of America Corp DE now owns 7,925,231 shares of the company's stock worth $19,655,000 after purchasing an additional 2,504,157 shares during the last quarter. Institutional investors and hedge funds own 42.82% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Wall Street Zen raised New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Raymond James Financial raised New Gold to a "hold" rating and set a $4.00 target price on the stock in a report on Monday, June 30th. Scotiabank reissued an "outperform" rating on shares of New Gold in a report on Monday, April 14th. National Bankshares reissued an "outperform" rating on shares of New Gold in a report on Tuesday, June 24th. Finally, CIBC boosted their target price on New Gold from $5.50 to $6.25 and gave the stock an "outperformer" rating in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, New Gold presently has a consensus rating of "Buy" and a consensus price target of $4.38.

New Gold Stock Performance

NGD traded up $0.07 during trading on Friday, hitting $4.26. The stock had a trading volume of 12,920,025 shares, compared to its average volume of 20,308,570. The company has a 50 day moving average price of $4.65 and a 200-day moving average price of $3.77. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of 32.77 and a beta of 0.45. New Gold Inc. has a one year low of $1.94 and a one year high of $5.16. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

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.