International Assets Investment Management LLC Invests $950,000 in Novagold Resources Inc. $NG

International Assets Investment Management LLC acquired a new stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 101,488 shares of the mining company’s stock, valued at approximately $950,000.

A number of other large investors also recently modified their holdings of the company. Redwood Wealth Management Group LLC bought a new position in Novagold Resources during the first quarter valued at approximately $404,000. Pictet Asset Management Holding SA lifted its holdings in shares of Novagold Resources by 6.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 63,523 shares of the mining company’s stock worth $570,000 after acquiring an additional 3,769 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Novagold Resources by 3.4% in the 4th quarter. Invesco Ltd. now owns 186,983 shares of the mining company’s stock worth $1,743,000 after acquiring an additional 6,154 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Novagold Resources in the 4th quarter valued at $121,000. Finally, Mackenzie Financial Corp boosted its stake in shares of Novagold Resources by 73.0% in the 4th quarter. Mackenzie Financial Corp now owns 368,038 shares of the mining company’s stock valued at $3,465,000 after purchasing an additional 155,336 shares in the last quarter. 57.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Morgan Stanley decreased their target price on shares of Novagold Resources from $13.80 to $13.60 and set an “overweight” rating on the stock in a research report on Wednesday, July 8th. Zacks Research upgraded shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Canaccord Genuity Group assumed coverage on Novagold Resources in a research note on Friday, March 27th. They set a “speculative buy” rating and a $13.00 price objective on the stock. Royal Bank Of Canada decreased their price objective on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, March 19th. Finally, Scotiabank raised Novagold Resources to a “strong-buy” rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $13.22.

Novagold Resources Stock Down 2.2%

Shares of Novagold Resources stock opened at $5.84 on Tuesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 112.82 and a current ratio of 112.82. Novagold Resources Inc. has a 52-week low of $4.80 and a 52-week high of $14.40. The company’s 50 day moving average price is $7.52 and its 200-day moving average price is $9.13. The stock has a market capitalization of $2.56 billion, a price-to-earnings ratio of -34.35 and a beta of 0.84.

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.