TD Asset Management Inc Raises Holdings in Novagold Resources Inc. $NG

TD Asset Management Inc increased its position in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 77.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,607,877 shares of the mining company’s stock after buying an additional 701,902 shares during the quarter. TD Asset Management Inc owned about 0.40% of Novagold Resources worth $15,014,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Capital World Investors raised its position in shares of Novagold Resources by 12.8% in the 3rd quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock worth $155,461,000 after buying an additional 2,000,000 shares during the period. Vanguard Group Inc. raised its position in shares of Novagold Resources by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 14,760,990 shares of the mining company’s stock worth $137,647,000 after buying an additional 173,474 shares during the period. UBS Group AG raised its position in shares of Novagold Resources by 21.9% in the 3rd quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock worth $119,837,000 after buying an additional 2,443,511 shares during the period. Van ECK Associates Corp raised its position in shares of Novagold Resources by 29.2% in the 3rd quarter. Van ECK Associates Corp now owns 8,159,352 shares of the mining company’s stock worth $71,802,000 after buying an additional 1,842,582 shares during the period. Finally, Teacher Retirement System of Texas raised its position in shares of Novagold Resources by 12.7% in the 4th quarter. Teacher Retirement System of Texas now owns 5,376,816 shares of the mining company’s stock worth $50,112,000 after buying an additional 606,000 shares during the period. 57.56% of the stock is owned by hedge funds and other institutional investors.

Novagold Resources Price Performance

NG stock opened at $7.22 on Tuesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 88.72 and a current ratio of 88.72. Novagold Resources Inc. has a 1 year low of $3.61 and a 1 year high of $14.40. The firm has a market cap of $3.17 billion, a P/E ratio of -27.77 and a beta of 0.77. The stock has a 50-day simple moving average of $8.71 and a 200-day simple moving average of $9.62.

Analysts Set New Price Targets

Several research analysts recently weighed in on NG shares. Scotiabank raised Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada cut their target price on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, March 19th. Morgan Stanley started coverage on Novagold Resources in a research report on Thursday, April 9th. They issued an “overweight” rating and a $13.80 target price on the stock. Canaccord Genuity Group initiated coverage on Novagold Resources in a report on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 price target for the company. Finally, Zacks Research upgraded Novagold Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $13.26.

About Novagold Resources

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.