Connor Clark & Lunn Investment Management Ltd. Sells 754,600 Shares of New Gold Inc. (NYSE:NGD)

Connor Clark & Lunn Investment Management Ltd. cut its stake in New Gold Inc. (NYSE:NGD) by 5.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,827,282 shares of the company’s stock after selling 754,600 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in New Gold were worth $40,073,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in NGD. Scientech Research LLC purchased a new stake in New Gold in the second quarter worth approximately $28,000. Coppell Advisory Solutions Corp. purchased a new position in shares of New Gold in the 1st quarter worth $30,000. Allworth Financial LP grew its holdings in shares of New Gold by 941.8% in the third quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after acquiring an additional 9,418 shares during the period. Eastern Bank purchased a new stake in New Gold during the third quarter valued at $33,000. Finally, Rathbones Group PLC bought a new position in New Gold in the second quarter valued at about $36,000. 42.82% of the stock is owned by hedge funds and other institutional investors.

New Gold Trading Up 4.3 %

Shares of NYSE:NGD opened at $2.79 on Wednesday. The stock has a 50 day moving average of $2.86 and a 200 day moving average of $2.41. The company has a market cap of $2.20 billion, a PE ratio of 139.25 and a beta of 1.31. New Gold Inc. has a 12-month low of $1.09 and a 12-month high of $3.25. The company has a current ratio of 1.42, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45.

New Gold (NYSE:NGD) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $252.00 million during the quarter. New Gold had a net margin of 2.33% and a return on equity of 9.38%. As a group, equities research analysts expect that New Gold Inc. will post 0.17 EPS for the current year.

Wall Street Analysts Forecast Growth

NGD has been the subject of a number of recent research reports. Scotiabank boosted their price target on New Gold from $2.75 to $3.25 and gave the company a “sector outperform” rating in a research note on Tuesday, September 17th. Royal Bank of Canada boosted their target price on shares of New Gold from $3.00 to $3.50 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Finally, StockNews.com raised shares of New Gold from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $3.08.

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.