Intech Investment Management LLC Sells 43,405 Shares of Novagold Resources Inc. $NG

Intech Investment Management LLC reduced its position in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 32.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 91,311 shares of the mining company’s stock after selling 43,405 shares during the quarter. Intech Investment Management LLC’s holdings in Novagold Resources were worth $804,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. TD Asset Management Inc increased its stake in Novagold Resources by 8.3% in the 3rd quarter. TD Asset Management Inc now owns 905,975 shares of the mining company’s stock worth $8,009,000 after acquiring an additional 69,249 shares during the last quarter. Clearstead Advisors LLC purchased a new stake in shares of Novagold Resources in the 3rd quarter valued at about $261,000. Ameritas Investment Partners Inc. boosted its position in shares of Novagold Resources by 5.4% during the 3rd quarter. Ameritas Investment Partners Inc. now owns 25,324 shares of the mining company’s stock valued at $223,000 after acquiring an additional 1,287 shares during the last quarter. Goehring & Rozencwajg Associates LLC grew its holdings in shares of Novagold Resources by 1.3% during the third quarter. Goehring & Rozencwajg Associates LLC now owns 1,142,489 shares of the mining company’s stock worth $10,054,000 after purchasing an additional 14,645 shares in the last quarter. Finally, Pekin Hardy Strauss Inc. grew its holdings in shares of Novagold Resources by 171.4% during the third quarter. Pekin Hardy Strauss Inc. now owns 57,000 shares of the mining company’s stock worth $502,000 after purchasing an additional 36,000 shares in the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on NG shares. B. Riley Financial increased their price target on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Scotiabank began coverage on shares of Novagold Resources in a report on Friday, February 6th. They set a “sector outperform” rating for the company. Finally, Zacks Research lowered shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.83.

Insider Activity

In other news, Director Dawn Patricia Whittaker bought 4,000 shares of Novagold Resources stock in a transaction on Wednesday, February 4th. The shares were purchased at an average price of $9.36 per share, for a total transaction of $37,440.00. Following the acquisition, the director owned 4,000 shares of the company’s stock, valued at approximately $37,440. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.39% of the stock is owned by corporate insiders.

Novagold Resources Trading Down 0.7%

Shares of NG opened at $11.99 on Tuesday. The stock has a market capitalization of $5.26 billion, a P/E ratio of -47.96 and a beta of 0.74. The company has a quick ratio of 23.79, a current ratio of 23.79 and a debt-to-equity ratio of 1.02. The firm has a fifty day simple moving average of $10.59 and a two-hundred day simple moving average of $9.32. Novagold Resources Inc. has a twelve month low of $2.26 and a twelve month high of $14.40.

About Novagold Resources

Novagold Resources Inc is a mineral exploration and development company headquartered in Vancouver, British Columbia. The firm is focused on advancing large-scale precious metals projects through disciplined project management, environmental stewardship and community engagement. Novagold maintains a lean corporate structure while leveraging partnerships and industry expertise to advance its projects toward production.

The company’s flagship asset is the Donlin Gold project in Alaska, a 50/50 joint venture with Barrick Gold Corporation.