Principal Financial Group Inc. Has $48,000 Stock Holdings in Novagold Resources Inc. (NYSEAMERICAN:NG)

Principal Financial Group Inc. grew its position in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 21.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 16,415 shares of the mining company’s stock after buying an additional 2,848 shares during the period. Principal Financial Group Inc.’s holdings in Novagold Resources were worth $48,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NG. Kopernik Global Investors LLC raised its holdings in Novagold Resources by 23.1% in the 4th quarter. Kopernik Global Investors LLC now owns 17,006,844 shares of the mining company’s stock valued at $56,633,000 after acquiring an additional 3,187,981 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Novagold Resources by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 10,754,870 shares of the mining company’s stock valued at $35,963,000 after buying an additional 169,209 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Novagold Resources by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 3,067,144 shares of the mining company’s stock worth $10,220,000 after buying an additional 20,218 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Novagold Resources by 1.7% during the 4th quarter. Invesco Ltd. now owns 2,313,942 shares of the mining company’s stock valued at $7,705,000 after buying an additional 39,167 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Novagold Resources by 7.0% in the fourth quarter. Northern Trust Corp now owns 1,562,611 shares of the mining company’s stock valued at $5,203,000 after acquiring an additional 101,860 shares during the period. 57.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Novagold Resources

In other news, Director Hume D. Kyle purchased 10,000 shares of the business’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 completion of the purchase, the director owned 22,348 shares of the company’s stock, valued at $91,626.80. This trade represents a 80.98% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. 2.39% of the stock is currently owned by corporate insiders.

Novagold Resources Stock Performance

Shares of NG stock opened at $5.85 on Tuesday. 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 Inc. has a fifty-two week low of $2.26 and a fifty-two week high of $5.91. The business has a fifty day simple moving average of $4.17 and a 200-day simple moving average of $3.59.

Analysts Set New Price Targets

A number of research analysts recently issued reports on NG shares. Citigroup started coverage on Novagold Resources in a research note on Wednesday, July 16th. They set a “buy” rating and a $7.00 price target on the stock. Royal Bank Of Canada upgraded Novagold Resources from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $5.00 to $7.00 in a research note on Wednesday, June 4th.

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.