New Gold Inc. (NYSE:NGD) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lowered its position in shares of New Gold Inc. (NYSE:NGD) by 13.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,964,782 shares of the company’s stock after selling 1,862,500 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 1.51% of New Gold worth $29,843,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its stake in shares of New Gold by 0.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,471,000 shares of the company’s stock worth $3,669,000 after purchasing an additional 4,500 shares in the last quarter. Oxbow Advisors LLC boosted its stake in New Gold by 1.7% in the fourth quarter. Oxbow Advisors LLC now owns 277,000 shares of the company’s stock valued at $687,000 after acquiring an additional 4,624 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in New Gold by 11.9% in the fourth quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock valued at $125,000 after acquiring an additional 5,331 shares in the last quarter. Captrust Financial Advisors boosted its stake in New Gold by 17.6% in the third quarter. Captrust Financial Advisors now owns 44,700 shares of the company’s stock valued at $129,000 after acquiring an additional 6,700 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in New Gold by 2.0% in the third quarter. Geode Capital Management LLC now owns 372,373 shares of the company’s stock valued at $1,084,000 after acquiring an additional 7,394 shares in the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Price Performance

Shares of NYSE:NGD opened at $3.08 on Thursday. The company has a 50-day simple moving average of $2.83 and a 200-day simple moving average of $2.78. New Gold Inc. has a one year low of $1.52 and a one year high of $3.25. 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 stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of 23.69 and a beta of 1.35.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Scotiabank upped their price objective on shares of 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 price objective 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. One analyst has rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $3.60.

About New Gold

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.