Bank of America Corp DE lessened its stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 14.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,520,926 shares of the mining company's stock after selling 440,861 shares during the period. Bank of America Corp DE owned approximately 0.57% of Novagold Resources worth $22,638,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Torren Management LLC bought a new position in Novagold Resources in the 4th quarter valued at approximately $27,000. Sunbelt Securities Inc. raised its stake in shares of Novagold Resources by 34,166.7% in the first quarter. Sunbelt Securities Inc. now owns 3,084 shares of the mining company's stock worth $28,000 after purchasing an additional 3,075 shares during the last quarter. Leonteq Securities AG bought a new position in shares of Novagold Resources during the fourth quarter valued at $38,000. Kestra Advisory Services LLC bought a new position in shares of Novagold Resources during the fourth quarter valued at $47,000. Finally, TD Waterhouse Canada Inc. boosted its position in shares of Novagold Resources by 307.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company's stock valued at $49,000 after buying an additional 4,000 shares during the last quarter. Hedge funds and other institutional investors own 57.56% of the company's stock.
Analysts Set New Price Targets
A number of equities analysts have weighed in on NG shares. Morgan Stanley decreased their target price on Novagold Resources from $13.80 to $13.60 and set an "overweight" rating for the company in a research report on Wednesday, July 8th. B. Riley Financial initiated coverage on shares of Novagold Resources in a research note on Monday, August 3rd. They issued a "buy" rating and a $9.00 price target for the company. Finally, Scotiabank upgraded shares of Novagold Resources to a "strong-buy" rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Novagold Resources presently has an average rating of "Buy" and a consensus price target of $12.42.
View Our Latest Stock Report on Novagold Resources
Novagold Resources Trading Down 2.4%
Shares of NG stock opened at $7.75 on Tuesday. Novagold Resources Inc. has a 52-week low of $5.07 and a 52-week high of $14.40. The company has a debt-to-equity ratio of 0.41, a quick ratio of 112.82 and a current ratio of 112.82. The firm has a market capitalization of $3.40 billion, a PE ratio of -45.59 and a beta of 0.85. The stock has a fifty day simple moving average of $6.60 and a two-hundred day simple moving average of $8.49.
Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last announced its quarterly earnings data on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share (EPS) for the quarter. On average, analysts predict that Novagold Resources Inc. will post -0.16 EPS for the current fiscal year.
Novagold Resources Profile
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Free Report)
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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