Intact Investment Management Inc. Purchases New Holdings in Novagold Resources Inc. $NG

Intact Investment Management Inc. bought a new position in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 129,200 shares of the mining company’s stock, valued at approximately $1,205,000.

Several other large investors have also bought and sold shares of NG. Cubist Systematic Strategies LLC purchased a new position in Novagold Resources in the first quarter worth about $44,000. AQR Capital Management LLC grew its stake in shares of Novagold Resources by 103.9% in the first quarter. AQR Capital Management LLC now owns 43,740 shares of the mining company’s stock worth $128,000 after acquiring an additional 22,289 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Novagold Resources by 1.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 289,715 shares of the mining company’s stock worth $846,000 after acquiring an additional 4,896 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Novagold Resources during the first quarter valued at approximately $157,000. Finally, Goldman Sachs Group Inc. grew its position in Novagold Resources by 13.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,766,867 shares of the mining company’s stock valued at $5,159,000 after buying an additional 210,631 shares during the period. 57.56% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Novagold Resources news, Director Dawn Patricia Whittaker acquired 4,000 shares of the stock in a transaction on Wednesday, February 4th. The stock was acquired at an average price of $9.36 per share, for a total transaction of $37,440.00. Following the completion of the transaction, the director directly owned 4,000 shares of the company’s stock, valued at $37,440. This trade represents a ? increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.67% of the stock is owned by company insiders.

Novagold Resources Price Performance

Shares of NYSEAMERICAN:NG opened at $7.95 on Tuesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 88.72 and a current ratio of 88.72. The firm has a fifty day moving average price of $9.96 and a 200 day moving average price of $9.69. Novagold Resources Inc. has a fifty-two week low of $3.37 and a fifty-two week high of $14.40. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of -30.58 and a beta of 0.76.

Wall Street Analyst Weigh In

NG has been the subject of several recent research reports. Zacks Research upgraded shares of Novagold Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Royal Bank Of Canada cut their target price on shares of Novagold Resources from $18.00 to $14.00 and set an “outperform” rating for the company in a research report on Thursday, March 19th. B. Riley Financial boosted their target price on shares of Novagold Resources from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Canaccord Genuity Group initiated coverage on shares of Novagold Resources in a research report on Friday, March 27th. They set a “speculative buy” rating and a $13.00 target price for the company. Finally, Scotiabank initiated coverage on shares of Novagold Resources in a research report on Friday, February 6th. They set a “sector outperform” rating for the company. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $13.26.

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.