Groupe la Francaise Acquires Shares of 325,000 Novagold Resources Inc. $NG

Groupe la Francaise bought a new stake in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) in the 1st quarter, Holdings Channel.com reports. The fund bought 325,000 shares of the mining company’s stock, valued at approximately $2,918,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Electrum Group LLC acquired a new position in shares of Novagold Resources during the fourth quarter valued at $865,854,000. Principal Financial Group Inc. increased its position in Novagold Resources by 32,405.9% in the first quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company’s stock worth $51,380,000 after purchasing an additional 5,704,403 shares during the period. UBS Group AG raised its holdings in Novagold Resources by 21.9% during the 3rd quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock worth $119,837,000 after purchasing an additional 2,443,511 shares during the last quarter. Bank of America Corp DE raised its holdings in Novagold Resources by 520.9% during the 2nd quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock worth $11,886,000 after purchasing an additional 2,438,052 shares during the last quarter. Finally, Greenwich Wealth Management LLC bought a new stake in Novagold Resources during the 4th quarter worth about $18,640,000. Institutional investors own 57.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NG. Scotiabank upgraded shares of Novagold Resources to a “strong-buy” rating in a research report on Wednesday, May 6th. Morgan Stanley lowered their price target on shares of Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $13.22.

Novagold Resources Stock Performance

NG stock opened at $5.83 on Friday. Novagold Resources Inc. has a twelve month low of $5.07 and a twelve month high of $14.40. The company has a quick ratio of 112.82, a current ratio of 112.82 and a debt-to-equity ratio of 0.41. The company has a market cap of $2.56 billion, a P/E ratio of -34.29 and a beta of 0.84. The business’s fifty day moving average is $6.77 and its 200-day moving average is $8.74.

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

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.