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

TD Asset Management Inc grew its position in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 8.3% during the third quarter, Holdings Channel.com reports. The firm owned 905,975 shares of the mining company’s stock after acquiring an additional 69,249 shares during the period. TD Asset Management Inc’s holdings in Novagold Resources were worth $8,009,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of NG. Ameritas Investment Partners Inc. raised its stake in Novagold Resources by 5.4% in the third quarter. Ameritas Investment Partners Inc. now owns 25,324 shares of the mining company’s stock valued at $223,000 after buying an additional 1,287 shares in the last quarter. Federated Hermes Inc. lifted 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 purchasing an additional 1,610 shares during the last quarter. CWM LLC boosted its holdings in Novagold Resources by 20.3% in the second quarter. CWM LLC now owns 12,688 shares of the mining company’s stock valued at $52,000 after purchasing an additional 2,137 shares in the last quarter. Investment Management Corp of Ontario increased its stake 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 valued at $76,000 after purchasing an additional 2,900 shares during the last quarter. Finally, Profund Advisors LLC raised its holdings in Novagold Resources by 16.9% during the second quarter. Profund Advisors LLC now owns 29,918 shares of the mining company’s stock worth $122,000 after purchasing an additional 4,334 shares in the last quarter. Institutional investors and hedge funds own 57.56% of the company’s stock.

Insider Activity at Novagold Resources

In related news, Director Dawn Patricia Whittaker acquired 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The shares were purchased at an average price of $9.36 per share, with a total value of $37,440.00. Following the completion of the acquisition, the director owned 4,000 shares in the company, valued at approximately $37,440. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.39% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NG. BMO Capital Markets initiated coverage on shares of Novagold Resources in a research report on Tuesday, November 4th. They issued an “outperform” rating on the stock. B. Riley Financial raised their price target on Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Zacks Research downgraded Novagold Resources from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Finally, Scotiabank began coverage on shares of Novagold Resources in a research report on Friday, February 6th. They issued a “sector outperform” rating for the company. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $10.83.

Novagold Resources Trading Up 6.6%

Shares of NG stock opened at $14.20 on Tuesday. The business’s fifty day moving average price is $10.35 and its 200 day moving average price is $9.09. The firm has a market capitalization of $6.23 billion, a PE ratio of -56.80 and a beta of 0.74. 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 1-year low of $2.26 and a 1-year high of $14.40.

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.