New Gold Inc. (NYSE:NGD) Position Cut by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in New Gold Inc. (NYSE:NGD) by 2.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 258,309 shares of the company’s stock after selling 7,132 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in New Gold were worth $641,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Allworth Financial LP grew its holdings in New Gold by 941.8% in the 3rd quarter. Allworth Financial LP now owns 10,418 shares of the company’s stock worth $30,000 after buying an additional 9,418 shares in the last quarter. Eastern Bank acquired a new position in shares of New Gold during the 3rd quarter valued at $33,000. DGS Capital Management LLC acquired a new position in shares of New Gold during the 4th quarter valued at $30,000. NorthCrest Asset Manangement LLC acquired a new position in shares of New Gold during the 3rd quarter valued at $58,000. Finally, Kohmann Bosshard Financial Services LLC increased its position in shares of New Gold by 34.6% during the 3rd quarter. Kohmann Bosshard Financial Services LLC now owns 35,000 shares of the company’s stock valued at $101,000 after purchasing an additional 9,000 shares during the period. 42.82% of the stock is owned by institutional investors.

New Gold Price Performance

NYSE NGD opened at $2.91 on Friday. New Gold Inc. has a fifty-two week low of $1.10 and a fifty-two week high of $3.25. The stock’s 50-day moving average is $2.77 and its two-hundred day moving average is $2.72. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.42 and a quick ratio of 0.84. The firm has a market cap of $2.30 billion, a P/E ratio of 145.50 and a beta of 1.36.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NGD shares. Scotiabank lifted their price target on New Gold from $3.50 to $4.00 and gave the company a “sector outperform” rating in a research report on Thursday. StockNews.com upgraded New Gold from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, New Gold currently has a consensus rating of “Buy” and a consensus target price of $3.60.

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.