Amundi Has $45.35 Million Holdings in Novagold Resources Inc. $NG

Key Points

• Amundi increased its Novagold Resources position by 11.5% in the first quarter, acquiring 521,388 shares to hold 5.05 million shares valued at approximately $45.35 million, or 1.15% of the company.
• Institutional investors own 57.56% of Novagold, while several other funds—including Sprott and Investment Management Corp. of Ontario—also increased their positions.
• NG opened at $5.83, near its one-year low, and remains below its 50- and 200-day moving averages. Despite a reported quarterly loss of $0.06 per share, analysts maintain a consensus “Buy” rating with an average price target of $13.22.

Amundi increased its position in Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 11.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,050,474 shares of the mining company's stock after acquiring an additional 521,388 shares during the quarter. Amundi owned about 1.15% of Novagold Resources worth $45,353,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Cetera Investment Advisers raised its stake in Novagold Resources by 2.7% during the 4th quarter. Cetera Investment Advisers now owns 46,209 shares of the mining company's stock valued at $431,000 after purchasing an additional 1,235 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in Novagold Resources by 1.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company's stock valued at $652,000 after buying an additional 1,299 shares during the period. Sprott Inc. raised its position in Novagold Resources by 12.7% in the fourth quarter. Sprott Inc. now owns 12,430 shares of the mining company's stock worth $116,000 after purchasing an additional 1,400 shares in the last quarter. Investment Management Corp of Ontario lifted its stake in Novagold Resources by 18.6% during the second quarter. Investment Management Corp of Ontario now owns 18,489 shares of the mining company's stock worth $76,000 after purchasing an additional 2,900 shares during the period. Finally, Torren Management LLC acquired a new stake in Novagold Resources during the fourth quarter valued at approximately $27,000. 57.56% of the stock is currently owned by institutional investors.

Novagold Resources Price Performance

NYSEAMERICAN:NG opened at $5.83 on Monday. The stock has a 50-day moving average price of $6.77 and a two-hundred day moving average price of $8.73. Novagold Resources Inc. has a 1 year low of $5.07 and a 1 year high of $14.40. The company has a current ratio of 112.82, a quick ratio of 112.82 and a debt-to-equity ratio of 0.41. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of -34.29 and a beta of 0.85.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last announced its earnings results on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. As a group, equities analysts expect that Novagold Resources Inc. will post -0.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NG. Scotiabank raised shares of Novagold Resources to a "strong-buy" rating in a report on Wednesday, May 6th. Morgan Stanley cut their price target on Novagold Resources from $13.80 to $13.60 and set an "overweight" rating for the company in a report on Wednesday, July 8th. One 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 stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $13.22.

About Novagold Resources

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.

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