Novagold Resources Inc. $NG Shares Bought by TD Asset Management Inc

TD Asset Management Inc grew its holdings in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 77.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,607,877 shares of the mining company’s stock after acquiring an additional 701,902 shares during the period. TD Asset Management Inc’s holdings in Novagold Resources were worth $15,014,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of NG. Cubist Systematic Strategies LLC acquired a new stake in shares of Novagold Resources during the first quarter valued at about $44,000. AQR Capital Management LLC grew its stake in shares of Novagold Resources by 103.9% during the first quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock valued at $128,000 after acquiring an additional 22,289 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Novagold Resources by 1.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock worth $846,000 after purchasing an additional 4,896 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Novagold Resources in the first quarter worth about $157,000. Finally, Goldman Sachs Group Inc. grew its stake in Novagold Resources by 13.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock worth $5,159,000 after purchasing an additional 210,631 shares in the last quarter. 57.56% of the stock is currently owned by institutional investors and hedge funds.

Novagold Resources Stock Performance

Shares of NG stock opened at $7.22 on Tuesday. The company has a quick ratio of 88.72, a current ratio of 88.72 and a debt-to-equity ratio of 0.38. The business has a 50 day moving average of $8.71 and a two-hundred day moving average of $9.62. Novagold Resources Inc. has a 52 week low of $3.61 and a 52 week high of $14.40. The company has a market cap of $3.17 billion, a P/E ratio of -27.77 and a beta of 0.77.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Zacks Research upgraded Novagold Resources from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Canaccord Genuity Group assumed coverage on Novagold Resources in a research note on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 price target for the company. Scotiabank upgraded Novagold Resources to a “strong-buy” rating in a research note on Wednesday, May 6th. Morgan Stanley assumed coverage on Novagold Resources in a research note on Thursday, April 9th. They issued an “overweight” rating and a $13.80 price target for the company. Finally, Royal Bank Of Canada decreased their price target on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, March 19th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $13.26.

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.