Cedar Wealth Management LLC Has $932,000 Position in Novagold Resources Inc. $NG

Cedar Wealth Management LLC lessened its stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 43.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 99,966 shares of the mining company’s stock after selling 76,537 shares during the quarter. Cedar Wealth Management LLC’s holdings in Novagold Resources were worth $932,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake in Novagold Resources by 23.9% in the 3rd quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock valued at $128,840,000 after buying an additional 2,815,780 shares during the last quarter. UBS Group AG grew its position in shares of Novagold Resources by 21.9% in the third quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after purchasing an additional 2,443,511 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Novagold Resources by 520.9% during the second quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock worth $11,886,000 after purchasing an additional 2,438,052 shares during the period. Capital World Investors lifted its holdings in Novagold Resources by 12.8% during the 3rd quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock worth $155,461,000 after purchasing an additional 2,000,000 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in Novagold Resources by 29.2% during the 3rd quarter. Van ECK Associates Corp now owns 8,159,352 shares of the mining company’s stock worth $71,802,000 after purchasing an additional 1,842,582 shares during the last quarter. Institutional investors own 57.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on NG shares. Canaccord Genuity Group started coverage on 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. Morgan Stanley started coverage on Novagold Resources in a report on Thursday, April 9th. They set an “overweight” rating and a $13.80 target price for the company. Zacks Research raised shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. B. Riley Financial upped their price target on shares of Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Finally, Scotiabank raised shares of Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $13.26.

Novagold Resources Trading Down 1.5%

Shares of NG stock opened at $8.01 on Tuesday. The stock has a market cap of $3.51 billion, a P/E ratio of -30.81 and a beta of 0.76. Novagold Resources Inc. has a 1 year low of $3.41 and a 1 year high of $14.40. The company has a current ratio of 88.72, a quick ratio of 88.72 and a debt-to-equity ratio of 0.38. The stock has a 50 day simple moving average of $9.24 and a 200 day simple moving average of $9.65.

Novagold Resources 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.