Invesco Ltd. Has $298,000 Position in Novagold Resources Inc. $NG

Key Points

• Invesco Ltd. dramatically reduced its stake in Novagold Resources Inc. by 95.6%, holding only $298,000 worth of shares after selling over 2.2 million shares in the first quarter.
• Despite Invesco's sell-off, other institutional investors like Vanguard Group and Alps Advisors increased their positions, showing mixed sentiment towards Novagold.
• Analysts are optimistic about Novagold, with Citigroup and Royal Bank of Canada setting a price target of $7.00, indicating a potential upside from its current value.

Invesco Ltd. reduced its holdings in Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 95.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 102,164 shares of the mining company's stock after selling 2,211,778 shares during the period. Invesco Ltd.'s holdings in Novagold Resources were worth $298,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Novagold Resources by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 10,826,126 shares of the mining company's stock valued at $31,603,000 after acquiring an additional 71,256 shares during the period. Northern Trust Corp raised its holdings in Novagold Resources by 7.0% in the 4th quarter. Northern Trust Corp now owns 1,562,611 shares of the mining company's stock valued at $5,203,000 after acquiring an additional 101,860 shares during the period. Alps Advisors Inc. raised its holdings in Novagold Resources by 458.9% in the 1st quarter. Alps Advisors Inc. now owns 1,143,199 shares of the mining company's stock valued at $3,338,000 after acquiring an additional 938,639 shares during the period. TD Asset Management Inc raised its holdings in Novagold Resources by 2.8% in the 1st quarter. TD Asset Management Inc now owns 700,313 shares of the mining company's stock valued at $2,044,000 after acquiring an additional 19,017 shares during the period. Finally, Rhumbline Advisers raised its holdings in Novagold Resources by 2.6% in the 1st quarter. Rhumbline Advisers now owns 389,429 shares of the mining company's stock valued at $1,137,000 after acquiring an additional 9,797 shares during the period. 57.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Novagold Resources

In other Novagold Resources news, Director Hume D. Kyle acquired 10,000 shares of the company's stock in a transaction on Monday, June 30th. The shares were purchased at an average cost of $4.10 per share, with a total value of $41,000.00. Following the completion of the purchase, the director owned 22,348 shares of the company's stock, valued at approximately $91,626.80. This represents a 80.98% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.39% of the company's stock.

Novagold Resources Stock Up 0.1%

Shares of NYSEAMERICAN NG opened at $6.76 on Monday. The firm has a market cap of $2.75 billion, a PE ratio of -28.17 and a beta of 0.66. Novagold Resources Inc. has a 12-month low of $2.26 and a 12-month high of $6.95. The company's fifty day simple moving average is $5.60 and its 200 day simple moving average is $4.22. The company has a quick ratio of 76.72, a current ratio of 76.72 and a debt-to-equity ratio of 0.96.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Citigroup assumed coverage on shares of Novagold Resources in a report on Wednesday, July 16th. They issued a "buy" rating and a $7.00 price target on the stock. Royal Bank Of Canada raised shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from $5.00 to $7.00 in a report on Wednesday, June 4th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Novagold Resources has an average rating of "Buy" and an average target price of $7.00.

Novagold Resources Company Profile

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.

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