Teacher Retirement System of Texas Boosts Stock Position in Novagold Resources Inc. $NG

Teacher Retirement System of Texas boosted its holdings in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 12.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,376,816 shares of the mining company’s stock after purchasing an additional 606,000 shares during the quarter. Teacher Retirement System of Texas owned approximately 1.32% of Novagold Resources worth $50,112,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Van ECK Associates Corp raised its holdings in 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 valued at $71,802,000 after acquiring an additional 1,842,582 shares in the last quarter. Vanguard Group Inc. raised its holdings in Novagold Resources by 23.9% in the third quarter. Vanguard Group Inc. now owns 14,587,516 shares of the mining company’s stock valued at $128,840,000 after acquiring an additional 2,815,780 shares in the last quarter. Capital World Investors raised its holdings in Novagold Resources by 12.8% in the third quarter. Capital World Investors now owns 17,666,000 shares of the mining company’s stock valued at $155,461,000 after acquiring an additional 2,000,000 shares in the last quarter. Alps Advisors Inc. raised its holdings in shares of Novagold Resources by 32.7% during the third quarter. Alps Advisors Inc. now owns 1,645,340 shares of the mining company’s stock worth $14,479,000 after purchasing an additional 405,843 shares during the period. Finally, CapWealth Advisors LLC acquired a new stake in shares of Novagold Resources during the third quarter worth $616,000. 57.56% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Novagold Resources

In other Novagold Resources news, Director Dawn Patricia Whittaker acquired 4,000 shares of Novagold Resources stock in a transaction dated Wednesday, February 4th. The stock was bought at an average price of $9.36 per share, for a total transaction of $37,440.00. Following the transaction, the director owned 4,000 shares in the company, valued at approximately $37,440. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.67% of the company’s stock.

Novagold Resources Stock Performance

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

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Zacks Research raised shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. B. Riley Financial lifted their price target on Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, January 27th. Royal Bank Of Canada cut their price target on Novagold Resources from $18.00 to $14.00 and set an “outperform” rating on the stock in a report on Thursday, March 19th. Scotiabank initiated coverage on Novagold Resources in a report on Friday, February 6th. They set a “sector outperform” rating on the stock. Finally, Morgan Stanley initiated coverage on Novagold Resources in a report on Thursday, April 9th. They set an “overweight” rating and a $13.80 price target on the stock. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Novagold Resources has an average rating of “Moderate Buy” and a consensus price target of $13.26.

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.