New Gold Inc. $NGD Holdings Cut by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its stake in shares of New Gold Inc. (NYSE:NGD) by 26.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,223,000 shares of the company’s stock after selling 810,000 shares during the period. Allspring Global Investments Holdings LLC owned about 0.28% of New Gold worth $19,371,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Ausbil Investment Management Ltd bought a new stake in shares of New Gold in the 4th quarter valued at approximately $984,000. SG Americas Securities LLC acquired a new stake in New Gold in the fourth quarter valued at approximately $2,053,000. Wealth Enhancement Advisory Services LLC grew its position in New Gold by 54.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 8,842 shares of the company’s stock worth $77,000 after acquiring an additional 3,100 shares in the last quarter. Aventura Private Wealth LLC acquired a new position in shares of New Gold during the 4th quarter worth $34,000. Finally, Arlington Capital Management Inc. acquired a new position in shares of New Gold during the 4th quarter worth $4,546,000. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

New Gold Trading Down 0.6%

New Gold stock opened at $9.03 on Friday. New Gold Inc. has a 52 week low of $2.89 and a 52 week high of $13.63. 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 market capitalization of $7.15 billion, a PE ratio of 69.47 and a beta of 0.57. The business’s 50-day simple moving average is $10.77 and its 200-day simple moving average is $8.96.

Analyst Upgrades and Downgrades

NGD has been the subject of a number of recent research reports. Zacks Research upgraded shares of New Gold from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 27th. Scotiabank boosted their price target on New Gold to $12.75 and gave the stock an “outperform” rating in a research report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, New Gold currently has an average rating of “Buy” and a consensus target price of $10.31.

New Gold Company 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.