Quantinno Capital Management LP Grows Position in Novagold Resources Inc. $NG

Quantinno Capital Management LP grew its holdings in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 1,075.2% in the first quarter, Holdings Channel.com reports. The firm owned 358,148 shares of the mining company’s stock after buying an additional 327,672 shares during the period. Quantinno Capital Management LP’s holdings in Novagold Resources were worth $3,216,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Electrum Group LLC purchased a new stake in shares of Novagold Resources during the 4th quarter valued at approximately $865,854,000. Principal Financial Group Inc. raised its holdings in Novagold Resources by 32,405.9% during the 1st quarter. Principal Financial Group Inc. now owns 5,722,006 shares of the mining company’s stock valued at $51,380,000 after acquiring 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 valued at $119,837,000 after acquiring an additional 2,443,511 shares during the period. Bank of America Corp DE lifted its position in shares of Novagold Resources by 520.9% during the second quarter. Bank of America Corp DE now owns 2,906,123 shares of the mining company’s stock worth $11,886,000 after acquiring an additional 2,438,052 shares in the last quarter. Finally, Greenwich Wealth Management LLC purchased a new stake in shares of Novagold Resources during the fourth quarter worth $18,640,000. Institutional investors own 57.56% of the company’s stock.

Novagold Resources Stock Performance

Novagold Resources stock opened at $7.59 on Friday. Novagold Resources Inc. has a 1-year low of $5.07 and a 1-year high of $14.40. 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 firm 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 simple moving average is $6.62 and its 200 day simple moving average is $8.62.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. As a group, analysts expect that Novagold Resources Inc. will post -0.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NG has been the subject of several recent research reports. Morgan Stanley reduced their price target on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. Scotiabank raised Novagold Resources to a “strong-buy” rating in a report on Wednesday, May 6th. Finally, B. Riley Financial initiated coverage on Novagold Resources in a research note on Monday, August 3rd. They issued a “buy” rating and a $9.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $12.42.

About Novagold Resources

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.