Swiss National Bank Buys 87,500 Shares of Novagold Resources Inc. $NG

Swiss National Bank raised its position in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 17.9% in the second quarter, according to its most recent filing with the SEC. The firm owned 576,700 shares of the mining company’s stock after purchasing an additional 87,500 shares during the quarter. Swiss National Bank owned approximately 0.14% of Novagold Resources worth $2,362,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Teacher Retirement System of Texas increased its position in shares of Novagold Resources by 518.9% during the second quarter. Teacher Retirement System of Texas now owns 4,770,816 shares of the mining company’s stock worth $19,513,000 after buying an additional 4,000,000 shares during the period. Bornite Capital Management LP bought a new position in shares of Novagold Resources in the 2nd quarter worth about $8,180,000. Kopernik Global Investors LLC lifted its stake in shares of Novagold Resources by 9.3% in the 1st quarter. Kopernik Global Investors LLC now owns 18,591,730 shares of the mining company’s stock valued at $54,288,000 after purchasing an additional 1,584,886 shares during the period. Empyrean Capital Partners LP lifted its stake in shares of Novagold Resources by 239.1% in the 1st quarter. Empyrean Capital Partners LP now owns 1,933,066 shares of the mining company’s stock valued at $5,645,000 after purchasing an additional 1,363,066 shares during the period. Finally, Nuveen LLC bought a new stake in shares of Novagold Resources during the 1st quarter valued at about $2,539,000. Institutional investors and hedge funds own 57.56% of the company’s stock.

Novagold Resources Stock Performance

Shares of NG opened at $9.84 on Friday. The firm has a market capitalization of $4.00 billion, a P/E ratio of -39.36 and a beta of 0.81. Novagold Resources Inc. has a 52 week low of $2.26 and a 52 week high of $10.90. The stock has a 50 day moving average price of $9.10 and a two-hundred day moving average price of $6.67. The company has a debt-to-equity ratio of 0.92, a quick ratio of 26.91 and a current ratio of 26.91.

Analyst Ratings Changes

NG has been the topic of a number of research analyst reports. Zacks Research cut Novagold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. National Bank Financial upgraded shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a report on Wednesday, October 29th. B. Riley lifted their price target on shares of Novagold Resources from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Citigroup increased their price objective on shares of Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Finally, BMO Capital Markets began coverage on Novagold Resources in a research report on Tuesday, November 4th. They issued an “outperform” rating for the company. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $10.17.

Novagold Resources Company Profile

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.