Capital World Investors Lowers Position in Novagold Resources Inc. $NG

Capital World Investors cut its holdings in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 30.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,333,000 shares of the mining company’s stock after selling 5,333,000 shares during the quarter. Capital World Investors owned about 2.82% of Novagold Resources worth $114,944,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of NG. Cubist Systematic Strategies LLC purchased a new position in shares of Novagold Resources during the 1st quarter worth $44,000. AQR Capital Management LLC grew its holdings in shares of Novagold Resources by 103.9% during the 1st quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock worth $128,000 after purchasing an additional 22,289 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Novagold Resources by 1.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock worth $846,000 after purchasing an additional 4,896 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of Novagold Resources during the 1st quarter worth $157,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Novagold Resources by 13.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock worth $5,159,000 after purchasing an additional 210,631 shares during the period. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

Novagold Resources Stock Performance

Shares of Novagold Resources stock opened at $7.22 on Tuesday. The business has a 50-day moving average of $8.71 and a 200 day moving average of $9.62. Novagold Resources Inc. has a 12 month low of $3.61 and a 12 month high of $14.40. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of -27.77 and a beta of 0.77. The company has a debt-to-equity ratio of 0.38, a current ratio of 88.72 and a quick ratio of 88.72.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NG. Royal Bank Of Canada lowered their price target on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, March 19th. Zacks Research upgraded Novagold Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Canaccord Genuity Group began coverage on Novagold Resources in a report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 target price for the company. Scotiabank upgraded Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Finally, Morgan Stanley began 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. 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 MarketBeat.com, Novagold Resources presently has an average rating of “Buy” and a consensus target price of $13.26.

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.