Northwest & Ethical Investments L.P. Sells 122,072 Shares of New Gold Inc. $NGD

Key Points

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Northwest & Ethical Investments L.P. lowered its stake in New Gold Inc. (NYSE:NGD - Free Report) by 28.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 302,062 shares of the company's stock after selling 122,072 shares during the quarter. Northwest & Ethical Investments L.P.'s holdings in New Gold were worth $1,117,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. SIH Partners LLLP purchased a new stake in New Gold in the 4th quarter worth $27,000. Tudor Investment Corp ET AL purchased a new stake in New Gold in the 4th quarter worth $27,000. Cary Street Partners Financial LLC purchased a new stake in New Gold in the 1st quarter worth $37,000. Schonfeld Strategic Advisors LLC purchased a new stake in New Gold in the 4th quarter worth $39,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in New Gold in the 4th quarter worth $43,000. Hedge funds and other institutional investors own 42.82% of the company's stock.

Analyst Upgrades and Downgrades

NGD has been the topic of several research analyst reports. Raymond James Financial upgraded shares of New Gold to a "hold" rating and set a $4.00 price target on the stock in a research note on Monday, June 30th. CIBC upped their target price on shares of New Gold from $5.50 to $6.25 and gave the company an "outperformer" rating in a research report on Tuesday, July 15th. National Bankshares restated an "outperform" rating on shares of New Gold in a research report on Tuesday, June 24th. Finally, Wall Street Zen upgraded shares of New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $4.38.

New Gold Price Performance

Shares of NYSE NGD traded up $0.10 during mid-day trading on Friday, hitting $5.54. 12,926,463 shares of the company's stock traded hands, compared to its average volume of 19,665,725. The company's 50-day moving average is $4.76 and its two-hundred day moving average is $4.00. 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 company has a market capitalization of $4.39 billion, a P/E ratio of 42.62 and a beta of 0.38. New Gold Inc. has a 1 year low of $2.31 and a 1 year high of $5.61.

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.