Vanguard Group Inc. Grows Stock Holdings in Novagold Resources Inc. $NG

Key Points

• Vanguard Group Inc. increased its stake in Novagold Resources Inc. by 0.7%, owning approximately 3.24% of the company, valued at around $31.6 million.
• Several large investors, including Alps Advisors and Two Sigma Investments, have significantly boosted their holdings in Novagold Resources, showcasing growing institutional interest in the mining company.
• Novagold Resources' shares are currently trading at $6.59, with analysts giving it a consensus "Buy" rating and a price target of $7.00, indicating expectations for future growth.

Vanguard Group Inc. raised its stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 0.7% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 10,826,126 shares of the mining company's stock after acquiring an additional 71,256 shares during the period. Vanguard Group Inc. owned approximately 3.24% of Novagold Resources worth $31,603,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of NG. Cary Street Partners Financial LLC bought a new position in Novagold Resources during the 1st quarter valued at about $29,000. Squarepoint Ops LLC bought a new position in shares of Novagold Resources in the 4th quarter worth approximately $35,000. Dauntless Investment Group LLC bought a new position in shares of Novagold Resources in the 1st quarter worth approximately $39,000. Principal Financial Group Inc. lifted its stake 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 worth $48,000 after purchasing an additional 2,848 shares during the period. Finally, Wolverine Trading LLC lifted its stake in shares of Novagold Resources by 4,789.1% in the 4th quarter. Wolverine Trading LLC now owns 16,318 shares of the mining company's stock worth $53,000 after purchasing an additional 16,666 shares during the period. Institutional investors own 57.56% of the company's stock.

Insider Activity

In other Novagold Resources news, Director Hume D. Kyle acquired 10,000 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was bought 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 directly owned 22,348 shares in the company, valued at $91,626.80. The trade was 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 the SEC website. Corporate insiders own 2.39% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on NG. Citigroup began coverage on shares of Novagold Resources in a research note on Wednesday, July 16th. They issued a "buy" rating and a $7.00 price objective on the stock. Royal Bank Of Canada upgraded shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and increased their price objective for the stock from $5.00 to $7.00 in a research note on Wednesday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $7.00.

Novagold Resources Trading Down 0.5%

Shares of NG traded down $0.04 during trading hours on Tuesday, reaching $6.81. 677,354 shares of the company traded hands, compared to its average volume of 3,593,269. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of -28.33 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 has a current ratio of 76.72, a quick ratio of 76.72 and a debt-to-equity ratio of 0.96. The stock's fifty day moving average price is $5.38 and its 200 day moving average price is $4.11.

Novagold Resources 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.