Russell Investments Group Ltd. Has $5.87 Million Holdings in Novagold Resources Inc. $NG

Key Points

• Russell Investments Group Ltd. increased its holdings in Novagold Resources Inc. by 4.6% in the 1st quarter, owning approximately 2 million shares valued at around $5.87 million.
• Multiple institutional investors, including Vanguard Group Inc. and Alps Advisors Inc., have also raised their stakes in Novagold Resources, indicating increased interest in the company.
• Analysts have positive outlooks for Novagold Resources, with a consensus target price of $7.00 and ratings ranging from "Strong Buy" to "Hold."

Russell Investments Group Ltd. increased its stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 4.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,009,516 shares of the mining company's stock after acquiring an additional 87,551 shares during the quarter. Russell Investments Group Ltd. owned about 0.60% of Novagold Resources worth $5,868,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of NG. JPMorgan Chase & Co. increased its position in Novagold Resources by 105.2% during the fourth quarter. JPMorgan Chase & Co. now owns 809,937 shares of the mining company's stock worth $2,697,000 after acquiring an additional 415,188 shares during the period. Geode Capital Management LLC increased its position in Novagold Resources by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 3,067,144 shares of the mining company's stock worth $10,220,000 after acquiring an additional 20,218 shares during the period. Wells Fargo & Company MN increased its position in Novagold Resources by 25.1% during the fourth quarter. Wells Fargo & Company MN now owns 147,789 shares of the mining company's stock worth $492,000 after acquiring an additional 29,694 shares during the period. Invesco Ltd. increased its position in Novagold Resources by 1.7% during the fourth quarter. Invesco Ltd. now owns 2,313,942 shares of the mining company's stock worth $7,705,000 after acquiring an additional 39,167 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Novagold Resources in the 4th quarter valued at $1,952,000. Institutional investors own 57.56% of the company's stock.

Insider Buying and Selling at Novagold Resources

In other news, Director Hume D. Kyle bought 10,000 shares of the company's stock in a transaction dated Monday, June 30th. The stock was bought at an average price of $4.10 per share, with a total value of $41,000.00. Following the completion of the acquisition, the director owned 22,348 shares of the company's stock, valued at $91,626.80. This represents a 80.98% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.39% of the company's stock.

Novagold Resources Stock Performance

NG stock traded up $0.3950 during midday trading on Monday, reaching $6.4850. 2,051,526 shares of the company were exchanged, compared to its average volume of 3,632,437. The company has a debt-to-equity ratio of 0.96, a current ratio of 76.72 and a quick ratio of 76.72. The business has a 50-day moving average price of $5.10 and a two-hundred day moving average price of $3.97. Novagold Resources Inc. has a one year low of $2.26 and a one year high of $6.56. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of -26.94 and a beta of 0.70.

Analysts Set New Price Targets

Several equities research analysts have issued reports 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 target for the company from $5.00 to $7.00 in a report on Wednesday, June 4th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Novagold Resources presently 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.