International Assets Investment Management LLC Purchases New Position in Novagold Resources Inc. $NG

International Assets Investment Management LLC purchased a new stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 101,488 shares of the mining company’s stock, valued at approximately $950,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of NG. Torren Management LLC bought a new stake in shares of Novagold Resources in the 4th quarter worth approximately $27,000. Leonteq Securities AG bought a new position in shares of Novagold Resources during the fourth quarter valued at approximately $38,000. Kestra Advisory Services LLC purchased a new stake in Novagold Resources in the fourth quarter worth $47,000. TD Waterhouse Canada Inc. lifted its stake in Novagold Resources by 307.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock worth $49,000 after acquiring an additional 4,000 shares during the period. Finally, Cresset Asset Management LLC bought a new stake in Novagold Resources in the third quarter valued at $88,000. Institutional investors own 57.56% of the company’s stock.

Novagold Resources Stock Down 2.2%

NYSEAMERICAN:NG opened at $5.84 on Tuesday. The firm has a 50-day simple moving average of $7.52 and a two-hundred day simple moving average of $9.13. The firm has a market cap of $2.56 billion, a P/E ratio of -34.35 and a beta of 0.84. Novagold Resources Inc. has a fifty-two week low of $4.80 and a fifty-two week high of $14.40. The company has a debt-to-equity ratio of 0.41, a quick ratio of 112.82 and a current ratio of 112.82.

Analysts Set New Price Targets

NG has been the topic of a number of research analyst reports. Royal Bank Of Canada reduced their price objective on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, March 19th. Scotiabank raised shares of Novagold Resources to a “strong-buy” rating in a research note on Wednesday, May 6th. Morgan Stanley cut their target price on shares of Novagold Resources from $13.80 to $13.60 and set an “overweight” rating on the stock in a research note on Wednesday, July 8th. Zacks Research upgraded shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Finally, Canaccord Genuity Group initiated coverage on shares of Novagold Resources in a research note on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Novagold Resources presently has an average rating of “Buy” and a consensus price target of $13.22.

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.