Van ECK Associates Corp Purchases 1,842,582 Shares of Novagold Resources Inc. $NG

Van ECK Associates Corp lifted its holdings in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 29.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 8,159,352 shares of the mining company’s stock after acquiring an additional 1,842,582 shares during the quarter. Van ECK Associates Corp’s holdings in Novagold Resources were worth $71,802,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Lingotto Investment Management LLP increased its position in shares of Novagold Resources by 60.7% during the second quarter. Lingotto Investment Management LLP now owns 34,902,954 shares of the mining company’s stock valued at $142,753,000 after acquiring an additional 13,180,065 shares during the last quarter. Vanguard Group Inc. boosted its position in Novagold Resources by 23.9% in the third quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock worth $128,840,000 after purchasing an additional 2,815,780 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Novagold Resources by 520.9% during the 2nd quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock worth $11,886,000 after purchasing an additional 2,438,052 shares during the period. Capital World Investors boosted its holdings in shares of Novagold Resources by 12.8% in the 3rd quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock worth $155,461,000 after buying an additional 2,000,000 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Novagold Resources in the 2nd quarter worth about $6,701,000. 57.56% of the stock is owned by institutional investors.

Insider Activity

In other Novagold Resources news, Director Dawn Patricia Whittaker purchased 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The shares were bought at an average cost of $9.36 per share, for a total transaction of $37,440.00. Following the purchase, the director owned 4,000 shares of the company’s stock, valued at $37,440. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.39% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NG. Scotiabank assumed coverage on shares of Novagold Resources in a research report on Friday, February 6th. They set a “sector outperform” rating for the company. B. Riley Financial lifted their price objective on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. Finally, Zacks Research downgraded 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. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.83.

Novagold Resources Price Performance

NYSEAMERICAN NG opened at $12.31 on Wednesday. The company has a market cap of $5.40 billion, a PE ratio of -49.24 and a beta of 0.75. Novagold Resources Inc. has a 52 week low of $2.26 and a 52 week high of $14.40. The company has a quick ratio of 23.79, a current ratio of 23.79 and a debt-to-equity ratio of 1.02. The firm’s 50-day simple moving average is $10.64 and its two-hundred day simple moving average is $9.36.

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.