Intact Investment Management Inc. Sells 714,100 Shares of New Gold Inc. $NGD

Intact Investment Management Inc. lessened its holdings in New Gold Inc. (NYSE:NGD) by 97.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,400 shares of the company’s stock after selling 714,100 shares during the quarter. Intact Investment Management Inc.’s holdings in New Gold were worth $160,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Millennium Management LLC boosted its position in shares of New Gold by 91.1% during the 1st quarter. Millennium Management LLC now owns 1,792,631 shares of the company’s stock valued at $6,642,000 after acquiring an additional 854,586 shares in the last quarter. NewEdge Advisors LLC lifted its stake in New Gold by 99.1% during the first quarter. NewEdge Advisors LLC now owns 80,375 shares of the company’s stock worth $298,000 after purchasing an additional 40,000 shares during the period. Goldman Sachs Group Inc. boosted its holdings in New Gold by 74.9% during the first quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company’s stock valued at $23,923,000 after purchasing an additional 2,760,692 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of New Gold by 4.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 951,651 shares of the company’s stock valued at $3,531,000 after purchasing an additional 40,995 shares during the period. Finally, Precision Wealth Strategies LLC acquired a new position in shares of New Gold in the 2nd quarter worth approximately $989,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. TD Securities upgraded New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Monday, December 1st. CIBC lifted their price objective on New Gold from $6.50 to $9.50 and gave the company an “outperformer” rating in a report on Friday, October 10th. National Bankshares reaffirmed an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. Scotiabank increased their target price on shares of New Gold to $12.75 and gave the stock an “outperform” rating in a research report on Monday. Finally, Raymond James Financial restated a “market perform” rating and issued a $7.00 price target on shares of New Gold in a research report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, New Gold has a consensus rating of “Buy” and an average price target of $8.18.

New Gold Stock Performance

Shares of New Gold stock opened at $12.50 on Tuesday. 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 50 day simple moving average of $8.97 and a 200 day simple moving average of $7.08. New Gold Inc. has a fifty-two week low of $2.60 and a fifty-two week high of $13.63. The firm has a market cap of $9.90 billion, a P/E ratio of 96.16 and a beta of 0.62.

New Gold Profile

New Gold Inc is a Canadian-based intermediate precious metals producer focused on the exploration, development and operation of gold and copper mining assets. The company was formed in 2008 through the merger of two exploration firms and has since grown into a multi-asset mining platform. Headquartered in Toronto, New Gold emphasizes a disciplined approach to capital allocation and operational execution, with a commitment to environmental stewardship and strong community relations.

New Gold’s principal producing assets include the New Afton Mine in British Columbia and the Rainy River Mine in northwestern Ontario.