Quantinno Capital Management LP Boosts Stake in Novagold Resources Inc. $NG

Quantinno Capital Management LP grew its position in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 1,075.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 358,148 shares of the mining company’s stock after buying an additional 327,672 shares during the quarter. Quantinno Capital Management LP owned 0.08% of Novagold Resources worth $3,216,000 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. Torren Management LLC bought a new position in shares of Novagold Resources in the fourth quarter valued at approximately $27,000. Leonteq Securities AG bought a new stake in Novagold Resources during the fourth quarter worth $38,000. Cubist Systematic Strategies LLC bought a new stake in Novagold Resources during the first quarter worth $44,000. Kestra Advisory Services LLC purchased a new position in Novagold Resources in the fourth quarter worth $47,000. Finally, TD Waterhouse Canada Inc. boosted its position in Novagold Resources by 307.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 5,300 shares of the mining company’s stock worth $49,000 after purchasing an additional 4,000 shares during the last quarter. Hedge funds and other institutional investors own 57.56% of the company’s stock.

Novagold Resources Trading Up 10.0%

NYSEAMERICAN:NG opened at $7.59 on Friday. The company has a current ratio of 112.82, a quick ratio of 112.82 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $3.33 billion, a PE ratio of -44.65 and a beta of 0.85. The firm’s 50 day moving average is $6.62 and its 200 day moving average is $8.62. Novagold Resources Inc. has a 12 month low of $5.07 and a 12 month high of $14.40.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its quarterly earnings data on Wednesday, July 22nd. The mining company reported ($0.06) earnings per share for the quarter. Sell-side analysts expect that Novagold Resources Inc. will post -0.16 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NG. B. Riley Financial started coverage on Novagold Resources in a research note on Monday, August 3rd. They issued a “buy” rating and a $9.00 price objective for the company. Morgan Stanley cut their price target on shares of Novagold Resources from $13.80 to $13.60 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. Finally, Scotiabank upgraded shares of Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Novagold Resources currently has an average rating of “Buy” and an average price target of $12.42.

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.