Principal Financial Group Inc. Sells 6,909 Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG)

Principal Financial Group Inc. reduced its stake in NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 28.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,007 shares of the mining company’s stock after selling 6,909 shares during the period. Principal Financial Group Inc.’s holdings in NovaGold Resources were worth $70,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in NG. Virtu Financial LLC acquired a new position in shares of NovaGold Resources in the 3rd quarter valued at approximately $308,000. Toronto Dominion Bank grew its stake in NovaGold Resources by 67.3% during the third quarter. Toronto Dominion Bank now owns 23,300 shares of the mining company’s stock worth $96,000 after purchasing an additional 9,377 shares during the period. Geode Capital Management LLC increased its stake in NovaGold Resources by 0.3% in the third quarter. Geode Capital Management LLC now owns 3,046,926 shares of the mining company’s stock valued at $12,497,000 after purchasing an additional 9,629 shares in the last quarter. Barclays PLC grew its position in NovaGold Resources by 19.9% in the 3rd quarter. Barclays PLC now owns 917,835 shares of the mining company’s stock valued at $3,762,000 after purchasing an additional 152,164 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of NovaGold Resources in the third quarter worth approximately $263,000. 57.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Citigroup raised NovaGold Resources to a “strong-buy” rating in a research report on Thursday, October 3rd.

NovaGold Resources Price Performance

Shares of NYSEAMERICAN NG opened at $3.34 on Wednesday. NovaGold Resources Inc. has a fifty-two week low of $2.22 and a fifty-two week high of $4.88. The firm has a market capitalization of $1.12 billion, a PE ratio of -25.69 and a beta of 1.07.

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.