Nuveen LLC Takes Position in Novagold Resources Inc. $NG

Key Points

• Nuveen LLC acquired a new stake in Novagold Resources, purchasing 869,598 shares valued at approximately $2.54 million, representing 0.26% of the company's stock.
• In the 1st quarter, several institutional investors, including Vanguard Group and Alps Advisors Inc., boosted their holdings in Novagold Resources, indicating strong interest in the company.
• Analysts have issued mostly positive ratings for Novagold Resources, with a current consensus price target of $7.00 per share, reflecting a potential upward trend in the stock's value.

Nuveen LLC acquired a new stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 869,598 shares of the mining company's stock, valued at approximately $2,539,000. Nuveen LLC owned approximately 0.26% of Novagold Resources as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in Novagold Resources in the 1st quarter worth about $56,000. Sowell Financial Services LLC bought a new stake in Novagold Resources in the 1st quarter worth approximately $146,000. Principal Financial Group Inc. grew its position in 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. Raymond James Financial Inc. bought a new stake in Novagold Resources in the 4th quarter worth approximately $1,952,000. Finally, Rhumbline Advisers grew its position in Novagold Resources by 2.6% in the 1st quarter. Rhumbline Advisers now owns 389,429 shares of the mining company's stock worth $1,137,000 after purchasing an additional 9,797 shares during the period. Institutional investors own 57.56% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on NG. Royal Bank Of Canada raised 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 report on Wednesday, June 4th. Citigroup began coverage on Novagold Resources in a research note on Wednesday, July 16th. They set a "buy" rating and a $7.00 price target for the company. 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. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $7.00.

Novagold Resources Stock Performance

Shares of NYSEAMERICAN NG traded down $0.15 during mid-day trading on Tuesday, hitting $6.69. The stock had a trading volume of 4,478,777 shares, compared to its average volume of 3,618,932. The company has a 50 day moving average of $5.38 and a two-hundred day 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. The firm has a market cap of $2.72 billion, a PE ratio of -27.87 and a beta of 0.66. Novagold Resources Inc. has a twelve month low of $2.26 and a twelve month high of $6.95.

Insiders Place Their Bets

In other Novagold Resources news, Director Hume D. Kyle acquired 10,000 shares of the business's stock in a transaction dated Monday, June 30th. The shares were purchased at an average price of $4.10 per share, for a total transaction of $41,000.00. Following the completion of the purchase, the director directly owned 22,348 shares of the company's stock, valued at $91,626.80. The trade was a 80.98% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.39% of the company's stock.

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.