Sei Investments Co. Has $2.56 Million Stock Position in Novagold Resources Inc. $NG

Sei Investments Co. reduced its holdings in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 47.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 284,913 shares of the mining company’s stock after selling 256,491 shares during the quarter. Sei Investments Co.’s holdings in Novagold Resources were worth $2,559,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Cetera Investment Advisers grew its position in Novagold Resources by 75.1% in the first quarter. Cetera Investment Advisers now owns 80,929 shares of the mining company’s stock valued at $727,000 after acquiring an additional 34,720 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Novagold Resources by 205.2% in the first quarter. PNC Financial Services Group Inc. now owns 28,889 shares of the mining company’s stock worth $259,000 after acquiring an additional 19,424 shares during the last quarter. Assetmark Inc. bought a new position in shares of Novagold Resources in the first quarter worth about $84,000. Principal Financial Group Inc. boosted its stake in shares of Novagold Resources by 32,405.9% in the 1st quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company’s stock valued at $51,380,000 after purchasing an additional 5,704,403 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Novagold Resources in the 1st quarter valued at approximately $950,000. 57.56% of the stock is owned by institutional investors and hedge funds.

Novagold Resources Price Performance

Shares of NG opened at $7.59 on Friday. The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41. The stock has a market cap of $3.33 billion, a PE ratio of -44.65 and a beta of 0.85. Novagold Resources Inc. has a 12-month low of $5.07 and a 12-month high of $14.40. The business has a 50-day simple moving average of $6.62 and a two-hundred day simple moving average of $8.62.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. Analysts anticipate that Novagold Resources Inc. will post -0.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. B. Riley Financial began coverage on shares of Novagold Resources in a report on Monday, August 3rd. They set a “buy” rating and a $9.00 price target on the stock. Scotiabank raised shares of Novagold Resources to a “strong-buy” rating in a research note on Wednesday, May 6th. Finally, Morgan Stanley decreased 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. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $12.42.

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.