Levin Capital Strategies L.P. trimmed its holdings in shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 37.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 508,821 shares of the mining company’s stock after selling 309,927 shares during the quarter. Levin Capital Strategies L.P. owned approximately 0.15% of NovaGold Resources worth $3,755,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in NG. Van ECK Associates Corp grew its holdings in shares of NovaGold Resources by 3.8% in the fourth quarter. Van ECK Associates Corp now owns 13,736,125 shares of the mining company’s stock worth $123,075,000 after purchasing an additional 508,253 shares during the last quarter. BlackRock Inc. grew its position in NovaGold Resources by 7.4% in the 1st quarter. BlackRock Inc. now owns 12,280,532 shares of the mining company’s stock valued at $90,631,000 after acquiring an additional 845,261 shares in the last quarter. Yong Rong HK Asset Management Ltd lifted its stake in NovaGold Resources by 1,579.6% during the first quarter. Yong Rong HK Asset Management Ltd now owns 7,380,000 shares of the mining company’s stock worth $7,380,000 after purchasing an additional 6,940,615 shares during the last quarter. State Street Corp lifted its stake in NovaGold Resources by 0.8% in the first quarter. State Street Corp now owns 4,268,065 shares of the mining company’s stock valued at $31,498,000 after buying an additional 32,771 shares during the last quarter. Finally, JNE Partners LLP acquired a new position in NovaGold Resources during the fourth quarter worth $37,938,000.
NG has been the topic of a number of research analyst reports. B. Riley reaffirmed a “buy” rating and set a $30.00 target price on shares of NovaGold Resources in a report on Friday, April 3rd. Zacks Investment Research upgraded NovaGold Resources from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research note on Friday.
NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last issued its earnings results on Wednesday, April 1st. The mining company reported ($0.02) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.02).
In other news, CFO David A. Ottewell sold 12,621 shares of the firm’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $9.26, for a total transaction of $116,870.46. Following the transaction, the chief financial officer now directly owns 641,954 shares of the company’s stock, valued at $5,944,494.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gregory A. Lang sold 69,645 shares of NovaGold Resources stock in a transaction that occurred on Friday, April 3rd. The shares were sold at an average price of $8.46, for a total transaction of $589,196.70. Following the completion of the transaction, the chief executive officer now directly owns 127,001 shares in the company, valued at $1,074,428.46. The disclosure for this sale can be found here. Insiders sold a total of 275,843 shares of company stock valued at $2,880,661 over the last quarter.
NovaGold Resources Profile
NovaGold Resources Inc primarily explores for and develops gold mineral properties in Canada and the United States. Its principal asset is the Donlin Gold property covering an area of 71,420 acres 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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