Novagold Resources Inc. $NG Stake Raised by Kopernik Global Investors LLC

Key Points

• Kopernik Global Investors LLC increased its stake in Novagold Resources Inc. by 9.3%, acquiring an additional 1,584,886 shares, bringing its total ownership to 18,591,730 shares valued at approximately $54.3 million.
• Several institutional investors, including Sterling Capital Management LLC and Wolverine Trading LLC, significantly boosted their positions in Novagold Resources, illustrating growing interest from institutional funds in the company.
• Royal Bank Of Canada upgraded Novagold Resources from "sector perform" to "outperform," increasing the target price from $5.00 to $7.00, reflecting a positive outlook from analysts.

Kopernik Global Investors LLC grew its position in shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 9.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,591,730 shares of the mining company's stock after purchasing an additional 1,584,886 shares during the period. Novagold Resources makes up approximately 5.6% of Kopernik Global Investors LLC's investment portfolio, making the stock its 7th biggest position. Kopernik Global Investors LLC owned 5.56% of Novagold Resources worth $54,288,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Barclays PLC grew its position in shares of Novagold Resources by 4.9% during the fourth quarter. Barclays PLC now owns 962,552 shares of the mining company's stock valued at $3,206,000 after purchasing an additional 44,717 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Novagold Resources in the 1st quarter valued at about $56,000. Sowell Financial Services LLC bought a new position in shares of Novagold Resources in the 1st quarter valued at about $146,000. Principal Financial Group Inc. lifted its holdings in shares of Novagold Resources by 21.0% in the 1st quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company's stock valued at $48,000 after acquiring an additional 2,848 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Novagold Resources in the 4th quarter valued at about $1,952,000. Hedge funds and other institutional investors own 57.56% of the company's stock.

Novagold Resources Price Performance

NG stock traded up $0.14 during mid-day trading on Friday, reaching $6.09. The company's stock had a trading volume of 5,720,621 shares, compared to its average volume of 2,850,775. The stock has a market cap of $2.48 billion, a PE ratio of -25.37 and a beta of 0.70. The company has a current ratio of 76.72, a quick ratio of 76.72 and a debt-to-equity ratio of 0.96. Novagold Resources Inc. has a fifty-two week low of $2.26 and a fifty-two week high of $6.16. The company's 50 day moving average is $5.10 and its two-hundred day moving average is $3.96.

Insider Buying and Selling at Novagold Resources

In other news, Director Hume D. Kyle purchased 10,000 shares of the company's stock in a transaction dated Monday, June 30th. The stock was acquired at an average price of $4.10 per share, with a total value of $41,000.00. Following the purchase, the director directly owned 22,348 shares in the company, valued at approximately $91,626.80. This represents a 80.98% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 2.88% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

NG has been the subject of a number of analyst reports. Citigroup initiated coverage on shares of Novagold Resources in a report on Wednesday, July 16th. They issued a "buy" rating and a $7.00 price target for the company. Royal Bank Of Canada raised shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and increased their price target 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 company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $7.00.

About Novagold Resources

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.