Van ECK Associates Corp Acquires 1,842,582 Shares of Novagold Resources Inc. $NG

Van ECK Associates Corp raised its holdings in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 29.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,159,352 shares of the mining company’s stock after buying an additional 1,842,582 shares during the quarter. Van ECK Associates Corp owned 2.01% of Novagold Resources worth $71,802,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Ameritas Investment Partners Inc. increased its stake in shares of Novagold Resources by 5.4% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 25,324 shares of the mining company’s stock valued at $223,000 after acquiring an additional 1,287 shares in the last quarter. Federated Hermes Inc. boosted its stake in Novagold Resources by 35.4% during the third quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock worth $54,000 after acquiring an additional 1,610 shares in the last quarter. Investment Management Corp of Ontario grew its holdings in Novagold Resources by 18.6% in the second quarter. Investment Management Corp of Ontario now owns 18,489 shares of the mining company’s stock worth $76,000 after purchasing an additional 2,900 shares during the period. Legal & General Group Plc increased its stake in Novagold Resources by 1.0% in the third quarter. Legal & General Group Plc now owns 347,229 shares of the mining company’s stock valued at $3,070,000 after purchasing an additional 3,281 shares in the last quarter. Finally, Xponance Inc. increased its stake in Novagold Resources by 20.5% in the third quarter. Xponance Inc. now owns 23,737 shares of the mining company’s stock valued at $209,000 after purchasing an additional 4,038 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Novagold Resources

In related news, Director Dawn Patricia Whittaker bought 4,000 shares of the company’s stock in a transaction dated Wednesday, February 4th. The shares were bought at an average price of $9.36 per share, for a total transaction of $37,440.00. Following the completion of the acquisition, the director directly owned 4,000 shares of the company’s stock, valued at $37,440. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.39% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently commented on the company. Scotiabank began coverage on Novagold Resources in a research report on Friday, February 6th. They issued a “sector outperform” rating for the company. Zacks Research downgraded Novagold Resources from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Finally, B. Riley Financial upped their target price on Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Novagold Resources has a consensus rating of “Moderate Buy” and a consensus price target of $10.83.

Novagold Resources Trading Up 2.7%

NYSEAMERICAN:NG opened at $12.31 on Wednesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79. Novagold Resources Inc. has a one year low of $2.26 and a one year high of $14.40. The company has a market cap of $5.40 billion, a PE ratio of -49.24 and a beta of 0.75. The firm has a 50-day moving average of $10.64 and a 200-day moving average of $9.36.

Novagold Resources Company Profile

Novagold Resources Inc is a mineral exploration and development company headquartered in Vancouver, British Columbia. The firm is focused on advancing large-scale precious metals projects through disciplined project management, environmental stewardship and community engagement. Novagold maintains a lean corporate structure while leveraging partnerships and industry expertise to advance its projects toward production.

The company’s flagship asset is the Donlin Gold project in Alaska, a 50/50 joint venture with Barrick Gold Corporation.