Empyrean Capital Partners LP raised its holdings in shares of NovaGold Resources Inc. (NYSEAMERICAN:NG – Get Rating) (TSE:NG) by 15.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,921,121 shares of the mining company's stock after buying an additional 250,000 shares during the quarter. Empyrean Capital Partners LP owned about 0.58% of NovaGold Resources worth $14,850,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Principal Financial Group Inc. lifted its holdings in shares of NovaGold Resources by 6.8% during the first quarter. Principal Financial Group Inc. now owns 43,075 shares of the mining company's stock worth $333,000 after buying an additional 2,737 shares during the last quarter. Profund Advisors LLC increased its position in shares of NovaGold Resources by 11.6% during the first quarter. Profund Advisors LLC now owns 29,082 shares of the mining company's stock valued at $225,000 after purchasing an additional 3,020 shares during the period. Vident Investment Advisory LLC increased its position in shares of NovaGold Resources by 13.7% during the first quarter. Vident Investment Advisory LLC now owns 28,048 shares of the mining company's stock valued at $217,000 after purchasing an additional 3,380 shares during the period. Hsbc Holdings PLC increased its position in shares of NovaGold Resources by 21.5% during the first quarter. Hsbc Holdings PLC now owns 26,808 shares of the mining company's stock valued at $210,000 after purchasing an additional 4,742 shares during the period. Finally, CIBC Asset Management Inc increased its position in shares of NovaGold Resources by 3.3% during the first quarter. CIBC Asset Management Inc now owns 218,851 shares of the mining company's stock valued at $1,688,000 after purchasing an additional 6,934 shares during the period. 52.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NG has been the topic of a number of research reports. National Bankshares set a C$9.00 price objective on NovaGold Resources and gave the company an "outperform" rating in a research report on Wednesday, July 20th. National Bank Financial initiated coverage on NovaGold Resources in a research report on Wednesday, July 20th. They issued an "outperform" rating on the stock.

NovaGold Resources Stock Up 3.5 %

NovaGold Resources (NYSEAMERICAN:NG – Get Rating) (TSE:NG) last issued its quarterly earnings results on Wednesday, June 29th. The mining company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.02). As a group, sell-side analysts predict that NovaGold Resources Inc. will post -0.12 EPS for the current year.

NovaGold Resources Company Profile

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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.

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