Quantbot Technologies LP Sells 592,970 Shares of New Gold Inc. $NGD

Quantbot Technologies LP lowered its stake in New Gold Inc. (NYSE:NGD) by 57.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 441,503 shares of the company’s stock after selling 592,970 shares during the period. Quantbot Technologies LP’s holdings in New Gold were worth $3,170,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Millennium Management LLC lifted its stake in shares of New Gold by 91.1% in the 1st quarter. Millennium Management LLC now owns 1,792,631 shares of the company’s stock valued at $6,642,000 after purchasing an additional 854,586 shares during the last quarter. NewEdge Advisors LLC raised its holdings in New Gold by 99.1% during the 1st quarter. NewEdge Advisors LLC now owns 80,375 shares of the company’s stock valued at $298,000 after buying an additional 40,000 shares during the period. Goldman Sachs Group Inc. raised its holdings in New Gold by 74.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,448,313 shares of the company’s stock valued at $23,923,000 after buying an additional 2,760,692 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in New Gold by 4.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 951,651 shares of the company’s stock worth $3,531,000 after buying an additional 40,995 shares during the last quarter. Finally, Plato Investment Management Ltd lifted its position in New Gold by 80.4% in the second quarter. Plato Investment Management Ltd now owns 108,318 shares of the company’s stock worth $535,000 after buying an additional 48,264 shares during the last quarter. 42.82% of the stock is currently owned by hedge funds and other institutional investors.

New Gold Stock Performance

NGD stock opened at $13.33 on Tuesday. New Gold Inc. has a twelve month low of $2.60 and a twelve month high of $13.63. The firm has a market cap of $10.56 billion, a price-to-earnings ratio of 102.55 and a beta of 0.59. The business’s fifty day simple moving average is $10.78 and its two-hundred day simple moving average is $8.30. The company has a quick ratio of 0.84, a current ratio of 1.39 and a debt-to-equity ratio of 0.38.

Analysts Set New Price Targets

A number of research firms have weighed in on NGD. Zacks Research upgraded shares of New Gold from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 27th. TD Securities raised shares of New Gold from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research note on Monday, December 1st. Finally, Scotiabank upped their price target on shares of New Gold to $12.75 and gave the company an “outperform” rating in a report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target 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.