New Gold Inc. $NGD Shares Sold by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. lessened its holdings in New Gold Inc. (NYSE:NGD) by 26.2% in the 3rd quarter, Holdings Channel.com reports. The firm owned 5,535,228 shares of the company’s stock after selling 1,965,511 shares during the quarter. New Gold comprises about 1.2% of Hillsdale Investment Management Inc.’s holdings, making the stock its 16th biggest position. Hillsdale Investment Management Inc.’s holdings in New Gold were worth $39,644,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Campbell & CO Investment Adviser LLC acquired a new stake in New Gold in the 3rd quarter valued at about $1,625,000. Triasima Portfolio Management inc. grew its position in shares of New Gold by 41.2% in the third quarter. Triasima Portfolio Management inc. now owns 849,586 shares of the company’s stock valued at $6,088,000 after purchasing an additional 247,821 shares in the last quarter. CIBC Asset Management Inc increased its holdings in shares of New Gold by 31.2% in the third quarter. CIBC Asset Management Inc now owns 1,462,328 shares of the company’s stock valued at $10,464,000 after purchasing an additional 347,846 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in New Gold by 9.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,033,000 shares of the company’s stock worth $21,723,000 after buying an additional 250,000 shares in the last quarter. Finally, Scotia Capital Inc. boosted its stake in New Gold by 390.2% during the second quarter. Scotia Capital Inc. now owns 174,019 shares of the company’s stock worth $857,000 after buying an additional 138,519 shares during the last quarter. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Stock Up 2.7%

Shares of NYSE:NGD opened at $12.22 on Friday. The company has a market capitalization of $9.68 billion, a price-to-earnings ratio of 94.01 and a beta of 0.59. New Gold Inc. has a 12-month low of $2.60 and a 12-month high of $13.63. The business has a 50-day moving average price of $10.27 and a 200 day moving average price of $7.93. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Analysts Set New Price Targets

NGD has been the subject of a number of recent research reports. Scotiabank raised their target price on New Gold to $12.75 and gave the stock an “outperform” rating in a research note on Monday, January 26th. National Bank Financial reissued an “outperform” rating on shares of New Gold in a report on Thursday, October 30th. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research note on Monday, December 1st. Finally, Zacks Research raised shares of New Gold from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 27th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $8.18.

About New Gold

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.