Bank of New York Mellon Corp Purchases 173,817 Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG)

Bank of New York Mellon Corp increased its position in NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 24.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 897,411 shares of the mining company’s stock after acquiring an additional 173,817 shares during the quarter. Bank of New York Mellon Corp’s holdings in NovaGold Resources were worth $3,105,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of NG. Cypress Wealth Services LLC bought a new stake in NovaGold Resources during the second quarter valued at about $70,000. SG Americas Securities LLC grew its holdings in NovaGold Resources by 59.6% during the second quarter. SG Americas Securities LLC now owns 165,952 shares of the mining company’s stock valued at $574,000 after purchasing an additional 61,982 shares during the period. Levin Capital Strategies L.P. grew its holdings in NovaGold Resources by 5.2% during the first quarter. Levin Capital Strategies L.P. now owns 353,777 shares of the mining company’s stock valued at $1,061,000 after purchasing an additional 17,500 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in NovaGold Resources by 17.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 69,249 shares of the mining company’s stock valued at $208,000 after purchasing an additional 10,500 shares during the period. Finally, Sheaff Brock Investment Advisors LLC bought a new stake in NovaGold Resources during the first quarter valued at about $32,000. Institutional investors own 57.56% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on NG. StockNews.com lowered NovaGold Resources from a “hold” rating to a “sell” rating in a report on Sunday, July 28th. National Bank Financial lowered NovaGold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 24th.

NovaGold Resources Price Performance

NYSEAMERICAN NG opened at $4.52 on Monday. The stock has a market capitalization of $1.51 billion, a PE ratio of -34.77 and a beta of 1.05. NovaGold Resources Inc. has a twelve month low of $2.22 and a twelve month high of $4.88.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its quarterly earnings data on Wednesday, June 26th. The mining company reported ($0.04) earnings per share for the quarter.

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.