Rhumbline Advisers Purchases 9,797 Shares of Novagold Resources Inc. $NG

Rhumbline Advisers grew its position in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 2.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 389,429 shares of the mining company’s stock after buying an additional 9,797 shares during the period. Rhumbline Advisers owned approximately 0.12% of Novagold Resources worth $1,137,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Cary Street Partners Financial LLC bought a new position in Novagold Resources during the 1st quarter worth $29,000. Squarepoint Ops LLC acquired a new stake in shares of Novagold Resources during the 4th quarter worth $35,000. Dauntless Investment Group LLC acquired a new stake in shares of Novagold Resources during the 1st quarter worth $39,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Novagold Resources during the 1st quarter worth $44,000. Finally, Principal Financial Group Inc. grew its holdings in shares of Novagold Resources by 21.0% during the 1st quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company’s stock worth $48,000 after purchasing an additional 2,848 shares in the last quarter. Institutional investors own 57.56% of the company’s stock.

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. Insiders own 2.88% of the company’s stock.

Novagold Resources Stock Performance

Shares of NG stock opened at $7.53 on Friday. The business’s 50-day moving average price is $6.11 and its 200-day moving average price is $4.51. Novagold Resources Inc. has a 12 month low of $2.26 and a 12 month high of $7.55. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of -31.37 and a beta of 0.66. The company has a current ratio of 76.72, a quick ratio of 76.72 and a debt-to-equity ratio of 0.96.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Royal Bank Of Canada raised Novagold Resources from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $5.00 to $7.00 in a report on Wednesday, June 4th. Citigroup initiated coverage on Novagold Resources in a report on Wednesday, July 16th. They set a “buy” rating and a $7.00 target price on the stock. One investment 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. According to data from MarketBeat.com, Novagold Resources currently has an average rating of “Buy” and a consensus price target of $7.00.

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.