Teacher Retirement System of Texas Acquires 4,000,000 Shares of Novagold Resources Inc. $NG

Teacher Retirement System of Texas raised its holdings in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 518.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,770,816 shares of the mining company’s stock after acquiring an additional 4,000,000 shares during the quarter. Teacher Retirement System of Texas owned approximately 1.17% of Novagold Resources worth $19,513,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Cary Street Partners Financial LLC bought a new position in Novagold Resources in the 1st quarter valued at $29,000. Dauntless Investment Group LLC bought a new position in Novagold Resources in the 1st quarter valued at $39,000. Cubist Systematic Strategies LLC bought a new position in Novagold Resources in the 1st quarter valued at $44,000. Abel Hall LLC bought a new position in Novagold Resources in the 2nd quarter valued at $47,000. Finally, Principal Financial Group Inc. grew its position in Novagold Resources by 21.0% in the 1st quarter. Principal Financial Group Inc. now owns 16,415 shares of the mining company’s stock valued at $48,000 after acquiring an additional 2,848 shares during the last quarter. Institutional investors own 57.56% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on NG. Citigroup upped their target price on Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a report on Wednesday, October 15th. B. Riley upped their target price on Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Finally, Zacks Research upgraded Novagold Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $10.17.

Novagold Resources Stock Performance

Shares of NYSEAMERICAN:NG opened at $8.13 on Wednesday. The business’s 50-day moving average is $8.04 and its 200 day moving average is $5.70. Novagold Resources Inc. has a 1 year low of $2.26 and a 1 year high of $10.90. The firm has a market capitalization of $3.31 billion, a P/E ratio of -32.52 and a beta of 0.77. The company has a debt-to-equity ratio of 0.92, a current ratio of 26.91 and a quick ratio of 26.91.

Novagold Resources 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.