O Shaughnessy Asset Management LLC Sells 814,648 Shares of New Gold Inc. (NYSE:NGD)

O Shaughnessy Asset Management LLC reduced its holdings in shares of New Gold Inc. (NYSE:NGD) by 33.4% in the 4th quarter, Holdings Channel.com reports. The fund owned 1,623,270 shares of the company’s stock after selling 814,648 shares during the period. O Shaughnessy Asset Management LLC’s holdings in New Gold were worth $4,049,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. DGS Capital Management LLC bought a new position in New Gold in the fourth quarter valued at $30,000. Samalin Investment Counsel LLC acquired a new position in shares of New Gold during the 4th quarter worth about $32,000. Generali Investments CEE investicni spolecnost a.s. acquired a new position in shares of New Gold during the 4th quarter worth about $74,000. Atria Wealth Solutions Inc. acquired a new stake in shares of New Gold in the fourth quarter valued at about $87,000. Finally, Daiwa Securities Group Inc. bought a new stake in New Gold during the fourth quarter worth about $103,000. 42.82% of the stock is currently owned by institutional investors and hedge funds.

New Gold Price Performance

Shares of NGD opened at $3.62 on Thursday. The company’s 50-day moving average is $3.06 and its 200-day moving average is $2.88. 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 firm has a market capitalization of $2.86 billion, a PE ratio of 27.85 and a beta of 1.35. New Gold Inc. has a fifty-two week low of $1.66 and a fifty-two week high of $3.78.

Analyst Ratings Changes

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

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.