NovaGold Resources Inc. (NYSEAMERICAN:NG) Stock Position Reduced by CIBC Asset Management Inc

CIBC Asset Management Inc reduced its holdings in NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 1.1% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 300,717 shares of the mining company’s stock after selling 3,329 shares during the quarter. CIBC Asset Management Inc owned approximately 0.09% of NovaGold Resources worth $1,239,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. ProShare Advisors LLC raised its stake in shares of NovaGold Resources by 8.5% during the first quarter. ProShare Advisors LLC now owns 43,468 shares of the mining company’s stock valued at $130,000 after purchasing an additional 3,422 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of NovaGold Resources by 15.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 64,210 shares of the mining company’s stock worth $225,000 after acquiring an additional 8,441 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of NovaGold Resources by 3.0% in the second quarter. The Manufacturers Life Insurance Company now owns 293,306 shares of the mining company’s stock valued at $1,022,000 after acquiring an additional 8,521 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of NovaGold Resources during the first quarter valued at approximately $28,000. Finally, Price T Rowe Associates Inc. MD raised 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 worth $208,000 after purchasing an additional 10,500 shares in the last quarter. Institutional investors and hedge funds own 57.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NG. National Bank Financial downgraded shares of NovaGold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 24th. StockNews.com lowered NovaGold Resources from a “hold” rating to a “sell” rating in a research note on Sunday, July 28th. Finally, Citigroup upgraded NovaGold Resources to a “strong-buy” rating in a report on Thursday, October 3rd.

NovaGold Resources Trading Down 2.2 %

Shares of NYSEAMERICAN NG opened at $3.58 on Thursday. NovaGold Resources Inc. has a one year low of $2.22 and a one year high of $4.88. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -27.54 and a beta of 1.06.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last posted its earnings results on Wednesday, October 2nd. The mining company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01).

NovaGold Resources Company 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.