ProShare Advisors LLC lessened its position in shares of NovaGold Resources Inc. (NYSEAMERICAN:NG – Get Rating) (TSE:NG) by 14.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 44,482 shares of the mining company's stock after selling 7,350 shares during the period. ProShare Advisors LLC's holdings in NovaGold Resources were worth $344,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of the company. St. Johns Investment Management Company LLC increased its stake in NovaGold Resources by 545.0% in the first quarter. St. Johns Investment Management Company LLC now owns 9,900 shares of the mining company's stock valued at $77,000 after purchasing an additional 8,365 shares in the last quarter. Bridgewater Associates LP bought a new stake in NovaGold Resources in the fourth quarter valued at $88,000. Gotham Asset Management LLC bought a new stake in NovaGold Resources in the fourth quarter valued at $93,000. Williams Jones Wealth Management LLC. bought a new stake in NovaGold Resources in the fourth quarter valued at $124,000. Finally, American Century Companies Inc. bought a new stake in NovaGold Resources in the fourth quarter valued at $146,000. Institutional investors own 52.50% of the company's stock.
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Separately, National Bank Financial began coverage on shares of NovaGold Resources in a research note on Wednesday, July 20th. They issued an "outperform" rating for the company.
NovaGold Resources Trading Up 4.6 %
Shares of NYSEAMERICAN NG opened at $4.28 on Monday. The stock has a market cap of $1.43 billion, a PE ratio of -35.66 and a beta of 0.65. NovaGold Resources Inc. has a 1 year low of $4.06 and a 1 year high of $8.36. The company has a quick ratio of 38.66, a current ratio of 38.66 and a debt-to-equity ratio of 1.48.NovaGold Resources (NYSEAMERICAN:NG – Get Rating) (TSE:NG) last issued its quarterly earnings data on Wednesday, June 29th. The mining company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.02). On average, research analysts anticipate that NovaGold Resources Inc. will post -0.09 EPS for the current fiscal year.
About NovaGold Resources
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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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