Two Sigma Investments LP Cuts Stake in New Gold Inc. (NYSE:NGD)

Two Sigma Investments LP reduced its holdings in shares of New Gold Inc. (NYSE:NGD - Free Report) by 21.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,314,981 shares of the company's stock after selling 2,327,825 shares during the period. Two Sigma Investments LP owned about 1.05% of New Gold worth $20,621,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Hillsdale Investment Management Inc. boosted its stake in shares of New Gold by 97.1% in the 4th quarter. Hillsdale Investment Management Inc. now owns 9,482,782 shares of the company's stock valued at $23,657,000 after purchasing an additional 4,671,399 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in New Gold by 97.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,944,585 shares of the company's stock valued at $14,742,000 after buying an additional 2,931,470 shares during the period. Nokomis Capital L.L.C. boosted its position in New Gold by 203.8% during the fourth quarter. Nokomis Capital L.L.C. now owns 4,147,296 shares of the company's stock valued at $10,285,000 after buying an additional 2,782,296 shares during the period. Renaissance Technologies LLC grew its stake in shares of New Gold by 11.6% during the fourth quarter. Renaissance Technologies LLC now owns 25,146,246 shares of the company's stock valued at $62,363,000 after buying an additional 2,619,782 shares during the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of New Gold by 36.9% in the fourth quarter. Bank of Montreal Can now owns 9,703,381 shares of the company's stock worth $24,203,000 after buying an additional 2,613,285 shares during the period. 42.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NGD. Scotiabank reissued an "outperform" rating on shares of New Gold in a research note on Monday, April 14th. StockNews.com upgraded New Gold from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Bank of America raised New Gold from an "underperform" rating to a "buy" rating and increased their price objective for the company from $2.60 to $3.90 in a research note on Wednesday, March 26th. New Street Research set a $3.90 target price on shares of New Gold in a research note on Wednesday, March 26th. Finally, Raymond James set a $4.00 price target on shares of New Gold and gave the company a "market perform" rating in a report on Friday, April 4th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $4.04.

New Gold Price Performance

Shares of New Gold stock opened at $4.25 on Thursday. The business has a 50 day moving average of $3.59 and a 200 day moving average of $3.06. New Gold Inc. has a 52 week low of $1.86 and a 52 week high of $4.31. The company has a market cap of $3.36 billion, a PE ratio of 32.69 and a beta of 0.54. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

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.

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