Teacher Retirement System of Texas Sells 300,000 Shares of Novagold Resources Inc. (NYSEAMERICAN:NG)

Teacher Retirement System of Texas reduced its stake in Novagold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG by 28.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 770,816 shares of the mining company's stock after selling 300,000 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.23% of Novagold Resources worth $2,251,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC acquired a new stake in Novagold Resources in the 1st quarter worth approximately $56,000. Robertson Stephens Wealth Management LLC lifted its holdings in Novagold Resources by 6.2% in the 1st quarter. Robertson Stephens Wealth Management LLC now owns 287,233 shares of the mining company's stock worth $839,000 after purchasing an additional 16,687 shares during the last quarter. Sowell Financial Services LLC acquired a new stake in Novagold Resources in the 1st quarter worth approximately $146,000. Rhumbline Advisers lifted its holdings 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 last quarter. Finally, Mackenzie Financial Corp increased its position in Novagold Resources by 2.8% in the 4th quarter. Mackenzie Financial Corp now owns 144,463 shares of the mining company's stock worth $483,000 after buying an additional 3,871 shares during the period. 57.56% of the stock is currently owned by institutional investors and hedge funds.

Novagold Resources Price Performance

Shares of NG stock traded up $0.08 during trading hours on Friday, hitting $4.80. 2,268,338 shares of the company's stock were exchanged, compared to its average volume of 2,573,560. The stock's 50-day moving average is $4.05 and its 200-day moving average is $3.53. 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 stock has a market cap of $1.95 billion, a price-to-earnings ratio of -20.00 and a beta of 0.67. Novagold Resources Inc. has a 52 week low of $2.26 and a 52 week high of $5.06.

Analyst Upgrades and Downgrades

Several brokerages have commented on NG. National Bank Financial raised Novagold Resources to a "hold" rating in a research report on Friday, March 21st. Royal Bank Of Canada raised Novagold Resources from a "sector perform" rating to an "outperform" rating and lifted their price target for the stock from $5.00 to $7.00 in a research report on Wednesday, June 4th.

Insider Activity at Novagold Resources

In other Novagold Resources news, Director Hume D. Kyle purchased 10,000 shares of the company's stock in a transaction dated Monday, June 30th. The shares were bought at an average price of $4.10 per share, with a total value of $41,000.00. Following the completion of 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.88% of the stock is currently owned by corporate insiders.

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.