The Manufacturers Life Insurance Company Reduces Holdings in NovaGold Resources Inc. (NYSEAMERICAN:NG)

The Manufacturers Life Insurance Company reduced its stake in NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 1.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 290,139 shares of the mining company’s stock after selling 3,167 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in NovaGold Resources were worth $1,194,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of NG. Zurcher Kantonalbank Zurich Cantonalbank grew its position in NovaGold Resources by 15.1% in the second 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 in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of NovaGold Resources by 17.9% in the 1st 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 during the period. AQR Capital Management LLC bought a new position in shares of NovaGold Resources during the 2nd quarter valued at approximately $49,000. Evoke Wealth LLC purchased a new stake in NovaGold Resources during the 2nd quarter valued at $66,000. Finally, Banque Cantonale Vaudoise bought a new stake in NovaGold Resources in the third quarter worth $102,000. Institutional investors own 57.56% of the company’s stock.

NovaGold Resources Stock Up 9.3 %

Shares of NG opened at $3.84 on Thursday. The firm has a market cap of $1.28 billion, a PE ratio of -29.50 and a beta of 1.07. NovaGold Resources Inc. has a 12-month low of $2.22 and a 12-month high of $4.88.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last announced its quarterly 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).

Analysts Set New Price Targets

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

About NovaGold Resources

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.