Bank Pictet & Cie Europe AG Sells 676,985 Shares of Novagold Resources Inc. $NG

Key Points

• Bank Pictet & Cie Europe AG cut its Novagold Resources stake by 16.2%, selling 676,985 shares and retaining 3.49 million shares valued at approximately $22.8 million.
• Novagold shares rose 0.4% to $6.54, but remain below their 50-day and 200-day moving averages; the company also reported a quarterly loss of $0.08 per share, missing estimates by $0.01.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and a $12.25 target price, despite Morgan Stanley lowering its target to $13.00.

Bank Pictet & Cie Europe AG reduced its position in Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 16.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 3,489,247 shares of the mining company's stock after selling 676,985 shares during the period. Bank Pictet & Cie Europe AG owned 0.80% of Novagold Resources worth $22,782,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in NG. Principal Financial Group Inc. lifted its stake in shares of Novagold Resources by 32,405.9% during the first quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company's stock valued at $51,380,000 after acquiring an additional 5,704,403 shares during the period. Amundi increased its position in Novagold Resources by 11.5% in the first quarter. Amundi now owns 5,050,474 shares of the mining company's stock worth $45,353,000 after purchasing an additional 521,388 shares during the period. Renaissance Technologies LLC acquired a new stake in Novagold Resources in the first quarter worth about $7,972,000. Bank of New York Mellon Corp acquired a new stake in Novagold Resources in the second quarter worth about $5,197,000. Finally, CapWealth Advisors LLC raised its holdings in Novagold Resources by 13.4% during the 3rd quarter. CapWealth Advisors LLC now owns 509,193 shares of the mining company's stock worth $3,310,000 after purchasing an additional 60,203 shares during the last quarter. Institutional investors own 57.56% of the company's stock.

Novagold Resources Trading Up 0.4%

Shares of NG stock traded up $0.03 on Tuesday, hitting $6.54. The stock had a trading volume of 1,246,216 shares, compared to its average volume of 4,360,331. The company has a current ratio of 44.51, a quick ratio of 44.51 and a debt-to-equity ratio of 0.46. Novagold Resources Inc. has a twelve month low of $5.07 and a twelve month high of $14.40. The company has a fifty day moving average price of $7.53 and a two-hundred day moving average price of $7.59. The firm has a market cap of $2.87 billion, a P/E ratio of -31.21 and a beta of 0.95.

Novagold Resources (NYSEAMERICAN:NG - Get Free Report) TSE: NG last posted its earnings results on Thursday, October 8th. The mining company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.01). As a group, analysts forecast that Novagold Resources Inc. will post -0.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Morgan Stanley cut their target price on shares of Novagold Resources from $13.60 to $13.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 7th. 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 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $12.25.

Novagold Resources Company Profile

NovaGold Resources Inc is a Canadian precious metals exploration and development company focused primarily on advancing large-scale gold projects in North America. The company does not currently operate producing mines; its activities center on exploration, technical studies, permitting, project development and working with partners to advance mineral assets.

NovaGold's principal asset is the Donlin Gold project in southwest Alaska, one of the largest undeveloped gold deposits in the world.

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