Bank of New York Mellon Corp Invests $5.20 Million in Novagold Resources Inc. $NG

Key Points

• Bank of New York Mellon acquired 870,469 Novagold Resources shares worth approximately $5.20 million, representing about 0.20% of the company. Institutional investors collectively own 57.56% of Novagold’s stock.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $12.42; individual targets include B. Riley’s $9.00 and Morgan Stanley’s $13.60.
• Novagold shares opened at $8.07, with a 52-week range of $5.07 to $14.40. The company reported a quarterly loss of $0.06 per share, while analysts expect a full-year loss of $0.13 per share.

Bank of New York Mellon Corp acquired a new stake in Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 870,469 shares of the mining company's stock, valued at approximately $5,197,000. Bank of New York Mellon Corp owned about 0.20% of Novagold Resources at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Quantinno Capital Management LP increased its stake in shares of Novagold Resources by 1,075.2% during the 1st quarter. Quantinno Capital Management LP now owns 358,148 shares of the mining company's stock valued at $3,216,000 after acquiring an additional 327,672 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Novagold Resources in the first quarter valued at approximately $7,972,000. International Assets Investment Management LLC purchased a new stake in Novagold Resources in the first quarter valued at approximately $950,000. Greenwich Wealth Management LLC acquired a new position in Novagold Resources during the fourth quarter worth approximately $18,640,000. Finally, Groupe la Francaise purchased a new position in Novagold Resources during the first quarter worth approximately $2,918,000. Hedge funds and other institutional investors own 57.56% of the company's stock.

Wall Street Analysts Forecast Growth

NG has been the topic of several research reports. B. Riley Financial started coverage on Novagold Resources in a research report on Monday, August 3rd. They issued a "buy" rating and a $9.00 target price on the stock. Morgan Stanley reduced their price target on Novagold Resources from $13.80 to $13.60 and set an "overweight" rating on the stock in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $12.42.

Novagold Resources Price Performance

Shares of NYSEAMERICAN:NG opened at $8.07 on Friday. The company has a market cap of $3.54 billion, a PE ratio of -47.47 and a beta of 0.92. Novagold Resources Inc. has a fifty-two week low of $5.07 and a fifty-two week high of $14.40. The firm has a 50-day simple moving average of $6.98 and a 200 day simple moving average of $8.38. The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last posted its earnings results on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. On average, sell-side analysts anticipate that Novagold Resources Inc. will post -0.13 EPS for the current year.

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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