Legal & General Group Plc Decreases Position in New Gold Inc. (NYSE:NGD)

Legal & General Group Plc decreased its holdings in New Gold Inc. (NYSE:NGD - Free Report) by 17.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,707,747 shares of the company's stock after selling 349,176 shares during the quarter. Legal & General Group Plc owned about 0.22% of New Gold worth $4,263,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Invesco Ltd. boosted its position in shares of New Gold by 3.6% in 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 in the last quarter. American Century Companies Inc. boosted its stake in New Gold by 3.9% in the 4th quarter. American Century Companies Inc. now owns 12,250,758 shares of the company's stock worth $30,577,000 after purchasing an additional 459,317 shares in the last quarter. Bank of Montreal Can grew its position in New Gold by 36.9% during the 4th quarter. Bank of Montreal Can now owns 9,703,381 shares of the company's stock valued at $24,203,000 after purchasing an additional 2,613,285 shares during the last quarter. Hillsdale Investment Management Inc. increased its stake in New Gold by 97.1% during 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. Finally, Franklin Resources Inc. raised its holdings in New Gold by 1.3% in the fourth quarter. Franklin Resources Inc. now owns 8,496,204 shares of the company's stock worth $21,073,000 after buying an additional 110,500 shares during the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Scotiabank restated an "outperform" rating on shares of New Gold in a report on Monday, April 14th. National Bankshares reaffirmed an "outperform" rating on shares of New Gold in a report on Wednesday, April 2nd. National Bank Financial raised New Gold to a "strong-buy" rating in a research report on Friday, March 21st. Bank of America upgraded shares of New Gold from an "underperform" rating to a "buy" rating and raised their target price for the stock from $2.60 to $3.90 in a report on Wednesday, March 26th. Finally, Raymond James set a $4.00 price objective on New Gold and gave the stock a "market perform" rating in a report on Friday, April 4th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $3.85.

New Gold Price Performance

NGD traded down $0.07 during trading on Friday, reaching $3.39. 21,416,944 shares of the company traded hands, compared to its average volume of 11,986,473. 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 fifty day simple moving average of $3.22 and a 200 day simple moving average of $2.93. New Gold Inc. has a 12-month low of $1.73 and a 12-month high of $3.86. The company has a market cap of $2.68 billion, a P/E ratio of 26.08 and a beta of 0.93.

About New Gold

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.