Capital World Investors Buys 2,000,000 Shares of Novagold Resources Inc. $NG

Capital World Investors lifted its stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 12.8% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 17,666,000 shares of the mining company’s stock after buying an additional 2,000,000 shares during the quarter. Capital World Investors owned about 4.34% of Novagold Resources worth $155,461,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of NG. Bank of Montreal Can grew its stake in Novagold Resources by 1.3% in the 3rd quarter. Bank of Montreal Can now owns 1,699,997 shares of the mining company’s stock valued at $14,960,000 after buying an additional 21,868 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Novagold Resources by 1.0% during the third quarter. Legal & General Group Plc now owns 347,229 shares of the mining company’s stock worth $3,070,000 after acquiring an additional 3,281 shares during the period. Banque Cantonale Vaudoise acquired a new position in shares of Novagold Resources in the third quarter valued at approximately $100,000. Swiss National Bank lifted its holdings in Novagold Resources by 3.5% during the 3rd quarter. Swiss National Bank now owns 596,800 shares of the mining company’s stock worth $5,277,000 after purchasing an additional 20,100 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Novagold Resources during the 3rd quarter worth approximately $410,000. Institutional investors own 57.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on NG shares. Scotiabank started coverage on Novagold Resources in a report on Friday, February 6th. They issued a “sector outperform” rating on the stock. B. Riley Financial lifted their target price on Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Finally, Zacks Research cut 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 given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $10.83.

Novagold Resources Trading Down 5.0%

Shares of NG stock opened at $11.70 on Thursday. The company has a current ratio of 23.79, a quick ratio of 23.79 and a debt-to-equity ratio of 1.02. The stock has a market cap of $5.13 billion, a P/E ratio of -46.80 and a beta of 0.75. The stock has a 50 day simple moving average of $10.69 and a 200 day simple moving average of $9.38. Novagold Resources Inc. has a 1 year low of $2.26 and a 1 year high of $14.40.

Insider Activity at Novagold Resources

In related news, Director Dawn Patricia Whittaker purchased 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The stock was acquired at an average price of $9.36 per share, with a total value of $37,440.00. Following the completion of the purchase, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.88% of the company’s stock.

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.