New Gold Inc. (NYSE:NGD) Stake Reduced by Nikko Asset Management Americas Inc.

Nikko Asset Management Americas Inc. decreased its holdings in shares of New Gold Inc. (NYSE:NGD) by 12.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 231,209 shares of the company’s stock after selling 34,232 shares during the period. Nikko Asset Management Americas Inc.’s holdings in New Gold were worth $573,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. lifted its stake in New Gold by 12.9% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 265,441 shares of the company’s stock valued at $764,000 after purchasing an additional 30,366 shares during the last quarter. CIBC Asset Management Inc increased its holdings in shares of New Gold by 2.2% in the third quarter. CIBC Asset Management Inc now owns 2,105,546 shares of the company’s stock valued at $6,105,000 after buying an additional 44,571 shares in the last quarter. Pekin Hardy Strauss Inc. lifted its position in shares of New Gold by 43.8% during the 3rd quarter. Pekin Hardy Strauss Inc. now owns 262,750 shares of the company’s stock valued at $757,000 after acquiring an additional 80,000 shares during the last quarter. Dynamic Technology Lab Private Ltd boosted its stake in shares of New Gold by 326.2% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 59,744 shares of the company’s stock worth $172,000 after acquiring an additional 45,726 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of New Gold by 22.7% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 805,399 shares of the company’s stock worth $2,337,000 after acquiring an additional 148,743 shares during the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Performance

NGD stock opened at $3.36 on Tuesday. The stock has a market cap of $2.66 billion, a P/E ratio of 25.85 and a beta of 1.35. 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 50 day simple moving average of $2.88 and a 200 day simple moving average of $2.80. New Gold Inc. has a 52 week low of $1.52 and a 52 week high of $3.39.

Analyst Ratings Changes

NGD has been the subject of several analyst reports. CIBC reduced their target price on New Gold from $3.60 to $3.40 and set an “outperform” rating for the company in a report on Thursday, February 27th. 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. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, New Gold currently has an average rating of “Buy” and an average target price of $3.60.

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.