New York State Common Retirement Fund lowered its position in shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 14.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 170,451 shares of the mining company’s stock after selling 27,907 shares during the period. New York State Common Retirement Fund owned about 0.05% of NovaGold Resources worth $1,173,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of NG. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in NovaGold Resources by 48.2% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 399,823 shares of the mining company’s stock worth $3,206,000 after purchasing an additional 130,109 shares during the last quarter. Citigroup Inc. lifted its stake in NovaGold Resources by 37.8% during the second quarter. Citigroup Inc. now owns 23,481 shares of the mining company’s stock worth $188,000 after purchasing an additional 6,438 shares during the last quarter. Ethic Inc. bought a new stake in NovaGold Resources during the second quarter worth about $114,000. Toronto Dominion Bank lifted its stake in NovaGold Resources by 10.6% during the second quarter. Toronto Dominion Bank now owns 80,789 shares of the mining company’s stock worth $652,000 after purchasing an additional 7,758 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. bought a new stake in NovaGold Resources during the second quarter worth about $175,000. 50.18% of the stock is owned by hedge funds and other institutional investors.
Separately, Zacks Investment Research raised NovaGold Resources from a “sell” rating to a “hold” rating in a research note on Friday, December 3rd.
Shares of NYSEAMERICAN:NG opened at $6.57 on Friday. NovaGold Resources Inc. has a 1 year low of $6.19 and a 1 year high of $10.45. The stock has a market cap of $2.18 billion, a P/E ratio of -59.73 and a beta of 0.67. The company has a current ratio of 62.14, a quick ratio of 62.14 and a debt-to-equity ratio of 1.32.
NovaGold Resources Profile
NovaGold Resources, Inc engages in the acquisition, exploration, and development of metal properties primarily located in Alaska and British Columbia. Its developments include Donlin Gold and Galore Creek projects. The company was founded by Gregory Shawn Johnson, John W. Chisholm, Macisaac G. Angus, Rick van Nieuwenhuyse, and Gerald James McConnell on December 5, 1984 and is headquartered in Vancouver, Canada.
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