Millennium Management LLC Sells 2,057,208 Shares of New Gold Inc. (NYSE:NGD)

Millennium Management LLC cut its holdings in shares of New Gold Inc. (NYSE:NGD) by 68.7% in the fourth quarter, HoldingsChannel reports. The firm owned 938,045 shares of the company’s stock after selling 2,057,208 shares during the period. Millennium Management LLC’s holdings in New Gold were worth $2,333,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its position in 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 buying an additional 4,500 shares in the last quarter. Oxbow Advisors LLC increased its holdings in shares of New Gold by 1.7% in the 4th 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 during the period. Bank of New York Mellon Corp lifted its stake in shares of New Gold by 11.9% in the 4th quarter. Bank of New York Mellon Corp now owns 50,292 shares of the company’s stock worth $125,000 after acquiring an additional 5,331 shares during the period. Swiss National Bank increased its holdings in New Gold by 0.6% in the fourth quarter. Swiss National Bank now owns 1,566,862 shares of the company’s stock valued at $3,911,000 after buying an additional 9,500 shares in the last quarter. Finally, TD Waterhouse Canada Inc. increased its holdings in New Gold by 11.6% during the 4th quarter. TD Waterhouse Canada Inc. now owns 92,967 shares of the company’s stock valued at $230,000 after acquiring an additional 9,668 shares in the last quarter. Hedge funds and other institutional investors own 42.82% of the company’s stock.

Wall Street Analyst Weigh In

NGD has been the topic of several research analyst reports. National Bank Financial raised shares of New Gold to a “strong-buy” rating in a research report on Friday, March 21st. Wall Street Zen raised New Gold from a “hold” rating to a “buy” rating in a report on Friday, May 9th. Scotiabank reaffirmed an “outperform” rating on shares of New Gold in a report on Monday, April 14th. National Bankshares restated an “outperform” rating on shares of New Gold in a research report on Wednesday, April 2nd. Finally, CIBC upped their target price on shares of New Gold from $3.40 to $4.75 and gave the stock an “outperformer” rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, New Gold currently has a consensus rating of “Buy” and a consensus target price of $4.13.

New Gold Trading Up 1.4%

Shares of NYSE NGD opened at $4.45 on Monday. The firm has a market capitalization of $3.52 billion, a PE ratio of 34.23 and a beta of 0.54. New Gold Inc. has a one year low of $1.90 and a one year high of $4.48. 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 business has a 50-day moving average price of $3.74 and a two-hundred day moving average price of $3.15.

New Gold 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.