2,000,000 Shares in Novagold Resources Inc. $NG Purchased by Bornite Capital Management LP

Bornite Capital Management LP acquired a new stake in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,000,000 shares of the mining company’s stock, valued at approximately $8,180,000. Bornite Capital Management LP owned about 0.49% of Novagold Resources at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Robertson Stephens Wealth Management LLC lifted its holdings in shares of Novagold Resources by 0.7% in the second quarter. Robertson Stephens Wealth Management LLC now owns 289,101 shares of the mining company’s stock valued at $1,182,000 after purchasing an additional 1,868 shares in the last quarter. CWM LLC raised its position in shares of Novagold Resources by 20.3% during the 2nd quarter. CWM LLC now owns 12,688 shares of the mining company’s stock worth $52,000 after purchasing an additional 2,137 shares during the last quarter. Principal Financial Group Inc. lifted its stake 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 buying an additional 2,848 shares in the last quarter. MetLife Investment Management LLC grew its holdings in Novagold Resources by 3.7% during the 1st quarter. MetLife Investment Management LLC now owns 136,723 shares of the mining company’s stock valued at $399,000 after buying an additional 4,880 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Novagold Resources by 1.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock valued at $846,000 after buying an additional 4,896 shares during the last quarter. 57.56% of the stock is currently owned by hedge funds and other institutional investors.

Novagold Resources Trading Up 4.5%

Shares of NG stock opened at $8.19 on Friday. The firm has a market cap of $3.33 billion, a P/E ratio of -32.76 and a beta of 0.77. Novagold Resources Inc. has a 1-year low of $2.26 and a 1-year high of $10.90. The company has a debt-to-equity ratio of 0.92, a current ratio of 26.91 and a quick ratio of 26.91. The firm’s 50-day simple moving average is $8.31 and its 200-day simple moving average is $5.98.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Zacks Research raised Novagold Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 21st. Citigroup boosted their target price on shares of Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a research note on Wednesday, October 15th. B. Riley raised their price target on shares of Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. BMO Capital Markets initiated coverage on shares of Novagold Resources in a research report on Tuesday, November 4th. They issued an “outperform” rating for the company. Finally, National Bank Financial raised shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price 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.