Wellington Management Group LLP Acquires 59,088 Shares of Novagold Resources Inc. $NG

Key Points

• Wellington Management Group LLP increased its stake in Novagold Resources by 5.1%, owning 1,207,343 shares valued at approximately $3.5 million.
• Novagold Resources' stock increased by 5.9%, opening at $6.84, with analysts noting a consensus target price of $7.00.
• Insider trading activity included Director Hume D. Kyle purchasing 10,000 shares at an average cost of $4.10, boosting his ownership by 80.98%.

Wellington Management Group LLP raised its holdings in Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 5.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,207,343 shares of the mining company's stock after purchasing an additional 59,088 shares during the quarter. Wellington Management Group LLP owned 0.36% of Novagold Resources worth $3,525,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC bought a new stake in Novagold Resources during the 1st quarter worth $56,000. Sowell Financial Services LLC acquired a new position in shares of Novagold Resources in the 1st quarter valued at about $146,000. Principal Financial Group Inc. boosted its holdings in shares of Novagold Resources by 21.0% during the 1st quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company's stock worth $48,000 after buying an additional 2,848 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Novagold Resources during the 4th quarter worth about $1,952,000. Finally, Rhumbline Advisers grew its stake in Novagold Resources by 2.6% in the first 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 owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Citigroup began coverage on shares of Novagold Resources in a research report on Wednesday, July 16th. They set a "buy" rating and a $7.00 target price for the company. Royal Bank Of Canada raised shares of Novagold Resources from a "sector perform" rating to an "outperform" rating and lifted their price objective for the stock from $5.00 to $7.00 in a research report on Wednesday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $7.00.

Insider Activity

In related news, Director Hume D. Kyle purchased 10,000 shares of the company's stock in a transaction dated 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 transaction, the director directly owned 22,348 shares in the company, valued at $91,626.80. This trade represents a 80.98% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.39% of the company's stock.

Novagold Resources Stock Down 2.2%

Shares of Novagold Resources stock traded down $0.15 during trading on Tuesday, hitting $6.69. The company's stock had a trading volume of 4,478,777 shares, compared to its average volume of 3,618,932. Novagold Resources Inc. has a 52 week low of $2.26 and a 52 week high of $6.95. The company has a market capitalization of $2.72 billion, a PE ratio of -27.87 and a beta of 0.66. The company has a fifty day simple moving average of $5.38 and a two-hundred day simple moving average of $4.11. The company has a debt-to-equity ratio of 0.96, a quick ratio of 76.72 and a current ratio of 76.72.

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.