New Gold Inc. (USA) (NYSEAMEX:NGD) shareholders have witnessed a decrease in activity from the world’s largest hedge funds in recent months.
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Now, let’s take a look at the key action encompassing New Gold Inc. (USA) (NYSEAMEX:NGD).
Hedge fund activity in New Gold Inc. (USA) (NYSEAMEX:NGD)
Heading into 2013, a total of 9 of the hedge funds we track held long positions in this stock, a change of -18% from the previous quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists an “upper tier” of notable hedge fund managers who were boosting their stakes substantially.
According to our comprehensive database, First Eagle Investment Management, managed by Jean-Marie Eveillard, holds the biggest position in New Gold Inc. (USA) (NYSEAMEX:NGD). First Eagle Investment Management has a $62.4 million position in the stock, comprising 0.2% of its 13F portfolio. On First Eagle Investment Management’s heels is Bristol Investment Partners, managed by Trey Reik, which held a $12.1 million position; 7.9% of its 13F portfolio is allocated to the stock. Some other hedgies that are bullish include Steven Cohen’s SAC Capital Advisors, Michael Katz’s Glenrock Global Partners and D. E. Shaw’s D E Shaw.
Seeing as New Gold Inc. (USA) (NYSEAMEX:NGD) has witnessed a declination in interest from the aggregate hedge fund industry, logic holds that there exists a select few money managers that slashed their entire stakes at the end of the year. Intriguingly, John Kleinheinz’s Kleinheinz Capital Partners cut the largest stake of the 450+ funds we track, valued at an estimated $6.8 million in stock.. Israel Englander’s fund, Millennium Management, also dumped its stock, about $0.2 million worth. These moves are important to note, as total hedge fund interest dropped by 2 funds at the end of the year.
Insider trading activity in New Gold Inc. (USA) (NYSEAMEX:NGD)
Insider trading activity, especially when it’s bullish, is at its handiest when the company we’re looking at has experienced transactions within the past 180 days. Over the last half-year time frame, New Gold Inc. (USA) (NYSEAMEX:NGD) has experienced zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
Let’s also take a look at hedge fund and insider activity in other stocks similar to New Gold Inc. (USA) (NYSEAMEX:NGD). These stocks are Eldorado Gold Corp (USA) (NYSE:EGO), Harmony Gold Mining Co. (ADR) (NYSE:HMY), Franco-Nevada Corporation (NYSE:FNV), Gold Fields Limited (ADR) (NYSE:GFI), and Royal Gold, Inc USA) (NASDAQ:RGLD). This group of stocks belong to the gold industry and their market caps are closest to NGD’s market cap.