Public Employees Retirement System of Ohio Makes New $492,000 Investment in Novagold Resources Inc. $NG

Public Employees Retirement System of Ohio purchased a new stake in shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 82,260 shares of the mining company’s stock, valued at approximately $492,000.

Other institutional investors also recently modified their holdings of the company. Electrum Group LLC acquired a new stake in shares of Novagold Resources in the fourth quarter worth $865,854,000. UBS Group AG grew its stake in Novagold Resources by 21.9% in the 3rd quarter. UBS Group AG now owns 13,617,880 shares of the mining company’s stock valued at $119,837,000 after buying an additional 2,443,511 shares during the last quarter. Principal Financial Group Inc. grew its stake in Novagold Resources by 32,405.9% in 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 buying an additional 5,704,403 shares during the last quarter. Amundi raised its holdings in Novagold Resources by 11.5% in the 1st quarter. Amundi now owns 5,050,474 shares of the mining company’s stock worth $45,353,000 after acquiring an additional 521,388 shares during the period. Finally, State Street Corp raised its holdings in Novagold Resources by 0.3% in the 4th quarter. State Street Corp now owns 4,762,347 shares of the mining company’s stock worth $44,385,000 after acquiring an additional 15,622 shares during the period. Institutional investors own 57.56% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on NG. B. Riley Financial began coverage on shares of Novagold Resources in a research report on Monday, August 3rd. They set a “buy” rating and a $9.00 target price for the company. Morgan Stanley dropped their price objective on Novagold Resources from $13.80 to $13.60 and set an “overweight” rating on the stock in a research note on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $12.42.

Novagold Resources Trading Down 6.0%

Shares of NG opened at $7.61 on Friday. Novagold Resources Inc. has a 12-month low of $5.07 and a 12-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 firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of -44.76 and a beta of 0.92. The stock’s 50-day moving average price is $7.12 and its 200 day moving average price is $8.28.

Novagold Resources (NYSEAMERICAN:NG) (TSE:NG) last posted its quarterly earnings results on Wednesday, July 22nd. The mining company reported ($0.06) EPS for the quarter. As a group, research analysts predict that Novagold Resources Inc. will post -0.13 earnings per share for the current year.

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.