Vanguard Group Inc. Increases Stake in Novagold Resources Inc. $NG

Vanguard Group Inc. grew its position in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 1.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 14,760,990 shares of the mining company’s stock after buying an additional 173,474 shares during the period. Vanguard Group Inc. owned approximately 3.63% of Novagold Resources worth $137,647,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in NG. Hantz Financial Services Inc. bought a new position in Novagold Resources in the 3rd quarter valued at approximately $40,000. Cubist Systematic Strategies LLC bought a new stake in Novagold Resources in the 1st quarter worth about $44,000. TD Waterhouse Canada Inc. raised its position in Novagold Resources by 307.7% in the 4th quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock worth $49,000 after buying an additional 4,000 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Novagold Resources by 35.4% during the 3rd quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock valued at $54,000 after acquiring an additional 1,610 shares during the last quarter. Finally, Nebula Research & Development LLC bought a new stake in shares of Novagold Resources in the second quarter worth approximately $59,000. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Morgan Stanley initiated coverage on shares of Novagold Resources in a research report on Thursday, April 9th. They set an “overweight” rating and a $13.80 price objective on the stock. 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 on the stock. B. Riley Financial upped their price objective on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Scotiabank raised Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. Finally, Royal Bank Of Canada reduced their price target on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, March 19th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $13.26.

Novagold Resources Trading Up 5.4%

Shares of NG stock opened at $9.22 on Tuesday. Novagold Resources Inc. has a 1 year low of $3.37 and a 1 year high of $14.40. The firm has a fifty day moving average price of $9.67 and a 200-day moving average price of $9.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 88.72 and a quick ratio of 88.72. The company has a market cap of $4.05 billion, a price-to-earnings ratio of -35.46 and a beta of 0.76.

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.