Sumitomo Mitsui Trust Group Inc. Cuts Stock Position in New Gold Inc. $NGD

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in shares of New Gold Inc. (NYSE:NGD) by 27.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 162,033 shares of the company’s stock after selling 60,858 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in New Gold were worth $802,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of NGD. Invenomic Capital Management LP increased its stake in shares of New Gold by 1.6% in the first quarter. Invenomic Capital Management LP now owns 3,411,752 shares of the company’s stock worth $12,658,000 after acquiring an additional 52,360 shares during the period. Financial Sense Advisors Inc. acquired a new stake in shares of New Gold in the first quarter valued at approximately $652,000. Allspring Global Investments Holdings LLC grew its stake in shares of New Gold by 12.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,783,000 shares of the company’s stock valued at $13,845,000 after buying an additional 312,000 shares during the period. Foundry Partners LLC acquired a new position in New Gold in the first quarter valued at about $3,960,000. Finally, Impala Asset Management LLC raised its holdings in shares of New Gold by 47.1% in the 1st quarter. Impala Asset Management LLC now owns 1,000,000 shares of the company’s stock valued at $3,710,000 after buying an additional 320,000 shares during the period. Institutional investors and hedge funds own 42.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NGD. National Bankshares reissued an “outperform” rating on shares of New Gold in a research report on Thursday. CIBC boosted their price objective on shares of New Gold from $6.50 to $9.50 and gave the stock an “outperformer” rating in a report on Friday, October 10th. Raymond James Financial reissued a “market perform” rating and set a $7.00 price target on shares of New Gold in a research report on Friday, October 10th. Scotiabank lifted their price target on New Gold from $5.50 to $8.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd. Finally, TD Securities reissued a “hold” rating and issued a $7.50 target price on shares of New Gold in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $6.63.

New Gold Trading Down 0.3%

NYSE:NGD opened at $7.34 on Friday. The business has a 50 day simple moving average of $6.67 and a 200 day simple moving average of $5.22. New Gold Inc. has a 12-month low of $2.43 and a 12-month high of $7.61. The firm has a market capitalization of $5.81 billion, a P/E ratio of 56.47 and a beta of 0.46. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.39 and a quick ratio of 0.84.

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.