Raymond James Financial Inc. Purchases Shares of 586,042 NovaGold Resources Inc. (NYSEAMERICAN:NG)

Raymond James Financial Inc. purchased a new position in shares of NovaGold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 586,042 shares of the mining company's stock, valued at approximately $1,952,000. Raymond James Financial Inc. owned 0.18% of NovaGold Resources at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. AXQ Capital LP acquired a new position in shares of NovaGold Resources during the fourth quarter valued at about $59,000. Cibc World Markets Corp acquired a new position in NovaGold Resources during the 4th quarter valued at about $76,000. Wealthfront Advisers LLC acquired a new position in NovaGold Resources during the 4th quarter valued at about $139,000. Keating Investment Counselors Inc. raised its stake in shares of NovaGold Resources by 281.3% in the fourth quarter. Keating Investment Counselors Inc. now owns 61,000 shares of the mining company's stock worth $203,000 after purchasing an additional 45,000 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in shares of NovaGold Resources in the third quarter valued at approximately $308,000. 57.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, National Bank Financial raised NovaGold Resources to a "hold" rating in a research report on Friday, March 21st.

NovaGold Resources Stock Down 1.7 %

Shares of NYSEAMERICAN NG traded down $0.07 on Friday, reaching $4.11. 2,941,505 shares of the company's stock traded hands, compared to its average volume of 1,913,078. The business's 50 day simple moving average is $3.25 and its two-hundred day simple moving average is $3.44. NovaGold Resources Inc. has a 12 month low of $2.26 and a 12 month high of $5.06. The company has a market cap of $1.38 billion, a price-to-earnings ratio of -31.62 and a beta of 1.05.

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.