Legal & General Group Plc Cuts Holdings in New Gold Inc. (NYSE:NGD)

Legal & General Group Plc cut its holdings in New Gold Inc. (NYSE:NGD) by 17.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,707,747 shares of the company’s stock after selling 349,176 shares during the quarter. Legal & General Group Plc’s holdings in New Gold were worth $4,263,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. DGS Capital Management LLC purchased a new stake in shares of New Gold during the 4th quarter worth $30,000. Samalin Investment Counsel LLC acquired a new stake in shares of New Gold in the fourth quarter valued at about $32,000. Generali Investments CEE investicni spolecnost a.s. acquired a new stake in shares of New Gold in the fourth quarter valued at about $74,000. Atria Wealth Solutions Inc. purchased a new stake in New Gold during the fourth quarter worth about $87,000. Finally, Daiwa Securities Group Inc. acquired a new position in New Gold during the fourth quarter worth about $103,000. Institutional investors and hedge funds own 42.82% of the company’s stock.

New Gold Trading Up 1.1 %

New Gold stock opened at $3.68 on Tuesday. The stock has a market cap of $2.91 billion, a PE ratio of 28.31 and a beta of 0.93. The company has a current ratio of 1.39, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The stock has a 50-day moving average price of $3.19 and a 200 day moving average price of $2.92. New Gold Inc. has a 52 week low of $1.66 and a 52 week high of $3.86.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Raymond James set a $4.00 price target on New Gold and gave the stock a “market perform” rating in a research note on Friday, April 4th. National Bank Financial upgraded New Gold to a “strong-buy” rating in a research report on Friday, March 21st. Bank of America upgraded New Gold from an “underperform” rating to a “buy” rating and raised their price target for the company from $2.60 to $3.90 in a research report on Wednesday, March 26th. Scotiabank reiterated an “outperform” rating on shares of New Gold in a research report on Monday, April 14th. Finally, New Street Research set a $3.90 target price on shares of New Gold in a report on Wednesday, March 26th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $3.85.

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.