Novagold Resources Inc. $NG Shares Acquired by Teacher Retirement System of Texas

Teacher Retirement System of Texas grew its position in Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 518.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,770,816 shares of the mining company’s stock after purchasing an additional 4,000,000 shares during the period. Teacher Retirement System of Texas’ holdings in Novagold Resources were worth $19,513,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Cary Street Partners Financial LLC acquired a new position in shares of Novagold Resources in the first quarter valued at about $29,000. Abel Hall LLC acquired a new position in shares of Novagold Resources in the second quarter valued at about $47,000. CWM LLC increased its holdings in shares of Novagold Resources by 20.3% in the second quarter. CWM LLC now owns 12,688 shares of the mining company’s stock valued at $52,000 after purchasing an additional 2,137 shares during the period. Dauntless Investment Group LLC acquired a new position in shares of Novagold Resources in the first quarter valued at about $39,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Novagold Resources in the first quarter valued at about $44,000. 57.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Zacks Research raised Novagold Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 21st. Citigroup raised their target price on Novagold Resources from $7.00 to $12.50 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Finally, B. Riley raised their target price on Novagold Resources from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $10.17.

Novagold Resources Stock Performance

Shares of NG stock opened at $8.13 on Wednesday. The company has a market capitalization of $3.31 billion, a P/E ratio of -32.52 and a beta of 0.77. The business’s 50 day moving average is $8.04 and its two-hundred day moving average is $5.70. The company has a current ratio of 26.91, a quick ratio of 26.91 and a debt-to-equity ratio of 0.92. Novagold Resources Inc. has a 12-month low of $2.26 and a 12-month high of $10.90.

Novagold Resources Profile

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.