New Gold Inc. (NYSE:NGD) Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership reduced its holdings in shares of New Gold Inc. (NYSE:NGD) by 8.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 14,121,275 shares of the company’s stock after selling 1,303,505 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in New Gold were worth $35,214,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Heartland Advisors Inc. increased its stake in shares of New Gold by 3.2% during the 4th quarter. Heartland Advisors Inc. now owns 4,840,650 shares of the company’s stock worth $12,005,000 after purchasing an additional 148,450 shares in the last quarter. Artisan Partners Limited Partnership increased its position in New Gold by 57.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 104,000 shares of the company’s stock worth $258,000 after buying an additional 38,000 shares in the last quarter. LPL Financial LLC raised its holdings in shares of New Gold by 9.3% in the fourth quarter. LPL Financial LLC now owns 143,964 shares of the company’s stock worth $357,000 after acquiring an additional 12,292 shares during the last quarter. Samalin Investment Counsel LLC purchased a new stake in shares of New Gold in the fourth quarter valued at $32,000. Finally, Hillsdale Investment Management Inc. increased its position 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 worth $23,657,000 after purchasing an additional 4,671,399 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NGD. Bank of America upgraded shares of New Gold from an “underperform” rating to a “buy” rating and upped their target price for the company from $2.60 to $3.90 in a report on Wednesday, March 26th. National Bank Financial raised shares of New Gold to a “strong-buy” rating in a research note on Friday, March 21st. CIBC cut their price target on New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a report on Thursday, February 27th. Finally, Scotiabank increased their price target on New Gold from $3.50 to $4.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $3.66.

New Gold Stock Performance

NYSE:NGD opened at $3.62 on Thursday. The company has a market cap of $2.86 billion, a P/E ratio of 27.85 and a beta of 1.35. The firm’s 50 day moving average is $3.06 and its two-hundred day moving average is $2.88. New Gold Inc. has a fifty-two week low of $1.66 and a fifty-two week high of $3.78. 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.