Novagold Resources Inc. $NG Position Boosted by Teacher Retirement System of Texas

Teacher Retirement System of Texas grew its holdings in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 12.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,376,816 shares of the mining company’s stock after purchasing an additional 606,000 shares during the period. Teacher Retirement System of Texas’ holdings in Novagold Resources were worth $50,112,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Capital World Investors boosted its position in shares of Novagold Resources by 12.8% during the 3rd quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock valued at $155,461,000 after purchasing an additional 2,000,000 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Novagold Resources by 23.9% during the 3rd quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock valued at $128,840,000 after purchasing an additional 2,815,780 shares in the last quarter. UBS Group AG boosted its holdings in shares of Novagold Resources by 21.9% in the third quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock worth $119,837,000 after buying an additional 2,443,511 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Novagold Resources by 29.2% in the third quarter. Van ECK Associates Corp now owns 8,159,352 shares of the mining company’s stock worth $71,802,000 after buying an additional 1,842,582 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Novagold Resources by 8.0% in the third quarter. Bank of America Corp DE now owns 3,138,329 shares of the mining company’s stock worth $27,617,000 after buying an additional 232,206 shares during the period. Institutional investors own 57.56% of the company’s stock.

Wall Street Analyst Weigh In

NG has been the subject of several recent analyst reports. Canaccord Genuity Group initiated coverage on shares of Novagold Resources in a report on Friday, March 27th. They issued a “speculative buy” rating and a $13.00 target price for the company. B. Riley Financial raised their target price on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Morgan Stanley initiated coverage on shares of Novagold Resources in a report on Thursday, April 9th. They issued an “overweight” rating and a $13.80 target price for the company. Scotiabank initiated coverage on shares of Novagold Resources in a report on Friday, February 6th. They issued a “sector outperform” rating for the company. Finally, Royal Bank Of Canada decreased their target price on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, March 19th. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $13.26.

Novagold Resources Stock Performance

NG stock opened at $9.27 on Thursday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 88.72 and a current ratio of 88.72. The stock has a market cap of $4.07 billion, a P/E ratio of -35.65 and a beta of 0.90. The firm has a 50 day simple moving average of $10.24 and a 200 day simple moving average of $9.75. Novagold Resources Inc. has a 52 week low of $3.37 and a 52 week high of $14.40.

Insider Activity at Novagold Resources

In other Novagold Resources news, Director Dawn Patricia Whittaker acquired 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The shares were purchased at an average price of $9.36 per share, with a total value of $37,440.00. Following the completion of the transaction, the director owned 4,000 shares in the company, valued at $37,440. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.67% of the company’s stock.

Novagold Resources Company 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.