Sei Investments Co. lessened its holdings in shares of New Gold Inc. (NYSEAMERICAN:NGD) by 70.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 516,782 shares of the basic materials company’s stock after selling 1,230,549 shares during the quarter. Sei Investments Co. owned 0.08% of New Gold worth $879,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Van ECK Associates Corp lifted its position in New Gold by 13.0% during the third quarter. Van ECK Associates Corp now owns 71,276,983 shares of the basic materials company’s stock worth $121,171,000 after acquiring an additional 8,208,839 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in New Gold by 258.4% in the third quarter. The Manufacturers Life Insurance Company now owns 1,018,417 shares of the basic materials company’s stock valued at $2,312,000 after buying an additional 734,294 shares during the period. Private Advisor Group LLC acquired a new position in shares of New Gold during the second quarter valued at about $43,000. Alberta Investment Management Corp acquired a new position in shares of New Gold during the third quarter valued at about $559,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of New Gold by 8.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 7,504,354 shares of the basic materials company’s stock valued at $12,782,000 after purchasing an additional 610,289 shares during the period. Hedge funds and other institutional investors own 51.53% of the company’s stock.
NGD opened at $2.19 on Friday. New Gold Inc. has a 12 month low of $0.39 and a 12 month high of $2.40.
A number of equities research analysts recently weighed in on the stock. CIBC upgraded shares of New Gold from a “neutral” rating to a “sector outperform” rating in a report on Wednesday, September 16th. Raymond James upped their target price on shares of New Gold from $2.00 to $2.25 and gave the stock a “market perform” rating in a report on Monday, November 16th. Bank of America upped their target price on shares of New Gold from $1.55 to $1.75 and gave the stock an “underperform” rating in a report on Thursday, October 8th. Zacks Investment Research downgraded shares of New Gold from a “buy” rating to a “hold” rating in a research report on Wednesday, November 25th. Finally, TheStreet raised shares of New Gold from a “d+” rating to a “c-” rating in a research report on Wednesday, November 18th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $1.81.
New Gold Company Profile
New Gold Inc, an intermediate gold mining company, engages in the development and operation of mineral properties. It explores for gold, silver, and copper deposits. The company's principal operating properties include 100% interests in the Rainy River gold-silver mine located in Ontario, Canada; and New Afton gold-copper mine located in British Columbia, Canada.
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