First Eagle Investment Management LLC Sells 2,634,653 Shares of Novagold Resources Inc. $NG

First Eagle Investment Management LLC lessened its stake in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 22.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,177,188 shares of the mining company’s stock after selling 2,634,653 shares during the period. First Eagle Investment Management LLC’s holdings in Novagold Resources were worth $85,531,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Ameritas Investment Partners Inc. raised its position in Novagold Resources by 5.4% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 25,324 shares of the mining company’s stock worth $223,000 after purchasing an additional 1,287 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in Novagold Resources by 1.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 73,524 shares of the mining company’s stock worth $652,000 after purchasing an additional 1,299 shares during the last quarter. Federated Hermes Inc. raised its position in Novagold Resources by 35.4% in the 3rd quarter. Federated Hermes Inc. now owns 6,153 shares of the mining company’s stock worth $54,000 after purchasing an additional 1,610 shares during the last quarter. Investment Management Corp of Ontario raised its position in Novagold Resources by 18.6% in the 2nd quarter. Investment Management Corp of Ontario now owns 18,489 shares of the mining company’s stock worth $76,000 after purchasing an additional 2,900 shares during the last quarter. Finally, Allworth Financial LP raised its position in Novagold Resources by 18.5% in the 3rd quarter. Allworth Financial LP now owns 18,747 shares of the mining company’s stock worth $165,000 after purchasing an additional 2,932 shares during the last quarter. Institutional investors own 57.56% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on NG shares. Zacks Research raised shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Royal Bank Of Canada lowered their target price on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, March 19th. B. Riley Financial lifted their target price 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 raised shares of Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Finally, Canaccord Genuity Group started coverage on shares of Novagold Resources in a report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $13.26.

Novagold Resources Price Performance

NG opened at $9.22 on Tuesday. Novagold Resources Inc. has a 52 week low of $3.37 and a 52 week high of $14.40. The firm has a market capitalization of $4.05 billion, a PE ratio of -35.46 and a beta of 0.76. The company has a debt-to-equity ratio of 0.38, a quick ratio of 88.72 and a current ratio of 88.72. The company has a fifty day moving average price of $9.67 and a two-hundred day moving average price of $9.65.

Novagold Resources 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.