Goldman Sachs Group Inc. Grows Position in Novagold Resources Inc. $NG

Goldman Sachs Group Inc. boosted its stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 13.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,766,867 shares of the mining company’s stock after purchasing an additional 210,631 shares during the period. Goldman Sachs Group Inc. owned approximately 0.43% of Novagold Resources worth $5,159,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Rhumbline Advisers grew its position in Novagold Resources by 2.6% during 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. Dynamic Technology Lab Private Ltd purchased a new stake in Novagold Resources during the 1st quarter worth approximately $157,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Novagold Resources by 1.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock worth $846,000 after purchasing an additional 4,896 shares during the last quarter. AQR Capital Management LLC grew its position in Novagold Resources by 103.9% during the 1st quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock worth $128,000 after purchasing an additional 22,289 shares during the last quarter. Finally, Amundi grew its position in Novagold Resources by 15.6% during the 1st quarter. Amundi now owns 2,790,399 shares of the mining company’s stock worth $7,925,000 after purchasing an additional 375,697 shares during the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Royal Bank Of Canada raised shares of Novagold Resources from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $5.00 to $7.00 in a report on Wednesday, June 4th. 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 objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $7.00.

Insider Activity

In other news, Director Hume D. Kyle bought 10,000 shares of Novagold Resources stock in a transaction that occurred on Monday, June 30th. The shares were purchased 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 directly owned 22,348 shares in the company, valued at $91,626.80. The trade was a 80.98% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.39% of the company’s stock.

Novagold Resources Stock Down 2.2%

Shares of NG opened at $7.14 on Wednesday. The stock has a market capitalization of $2.91 billion, a PE ratio of -29.75 and a beta of 0.66. Novagold Resources Inc. has a 1 year low of $2.26 and a 1 year high of $7.33. 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 company’s 50-day simple moving average is $5.95 and its 200-day simple moving average is $4.41.

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.