Legal & General Group Plc Grows Position in Novagold Resources Inc. $NG

Legal & General Group Plc grew its holdings in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 38.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 343,948 shares of the mining company’s stock after buying an additional 96,351 shares during the period. Legal & General Group Plc owned 0.08% of Novagold Resources worth $1,411,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Abel Hall LLC purchased a new stake in Novagold Resources during the 2nd quarter valued at about $47,000. CWM LLC boosted its holdings 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. Cubist Systematic Strategies LLC acquired a new position in shares of Novagold Resources during the 1st quarter worth approximately $44,000. Allworth Financial LP grew its position in shares of Novagold Resources by 206.7% in the second quarter. Allworth Financial LP now owns 15,815 shares of the mining company’s stock valued at $65,000 after purchasing an additional 10,659 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of Novagold Resources in the first quarter valued at approximately $56,000. 57.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NG has been the topic of a number of recent research reports. B. Riley boosted their price objective on 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 began coverage on Novagold Resources in a report on Tuesday, November 4th. They set an “outperform” rating on the stock. Citigroup upped their price objective on shares of Novagold Resources from $7.00 to $12.50 and gave the company a “buy” rating in a report on Wednesday, October 15th. 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. Finally, Zacks Research lowered shares of Novagold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Novagold Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.17.

Novagold Resources Stock Down 0.5%

Novagold Resources stock opened at $9.46 on Wednesday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 26.91 and a current ratio of 26.91. The firm has a 50 day moving average price of $9.13 and a 200 day moving average price of $6.80. Novagold Resources Inc. has a fifty-two week low of $2.26 and a fifty-two week high of $10.90. The company has a market capitalization of $3.85 billion, a PE ratio of -37.84 and a beta of 0.81.

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.