TD Asset Management Inc Increases Stock Position in Novagold Resources Inc. $NG

TD Asset Management Inc lifted its holdings in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 8.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 905,975 shares of the mining company’s stock after buying an additional 69,249 shares during the quarter. TD Asset Management Inc owned approximately 0.22% of Novagold Resources worth $8,009,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Lingotto Investment Management LLP grew its holdings in Novagold Resources by 60.7% in the second quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock worth $142,753,000 after purchasing an additional 13,180,065 shares during the period. Vanguard Group Inc. grew its stake in shares of Novagold Resources by 23.9% in the 3rd quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock worth $128,840,000 after buying an additional 2,815,780 shares during the last quarter. Bank of America Corp DE increased its position in Novagold Resources by 520.9% during the 2nd quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock valued at $11,886,000 after buying an additional 2,438,052 shares in the last quarter. Bornite Capital Management LP purchased a new stake in shares of Novagold Resources in the second quarter worth $8,180,000. Finally, Marshall Wace LLP purchased a new stake in shares of Novagold Resources in the second quarter worth $6,701,000. 57.56% of the stock is owned by hedge funds and other institutional investors.

Novagold Resources Price Performance

Shares of NG stock opened at $14.20 on Tuesday. The company has a market capitalization of $6.23 billion, a PE ratio of -56.80 and a beta of 0.74. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79. Novagold Resources Inc. has a 12 month low of $2.26 and a 12 month high of $14.40. The firm’s 50-day moving average is $10.35 and its two-hundred day moving average is $9.09.

Analyst Upgrades and Downgrades

Several brokerages recently commented on NG. Zacks Research downgraded shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Scotiabank began coverage on shares of Novagold Resources in a report on Friday, February 6th. They issued a “sector outperform” rating for the company. B. Riley Financial increased their target price on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Finally, BMO Capital Markets assumed coverage on Novagold Resources in a report on Tuesday, November 4th. They set an “outperform” rating on the stock. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $10.83.

Insider Buying and Selling at Novagold Resources

In other news, Director Dawn Patricia Whittaker bought 4,000 shares of the business’s stock in a transaction on Wednesday, February 4th. The shares were bought at an average price of $9.36 per share, with a total value of $37,440.00. Following the completion of the transaction, the director directly owned 4,000 shares in the company, valued at $37,440. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.39% of the company’s stock.

Novagold Resources Company Profile

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.