CIBC Asset Management Inc Sells 3,329 Shares of NovaGold Resources Inc. (NYSEAMERICAN:NG)

CIBC Asset Management Inc lessened its holdings in shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 1.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 300,717 shares of the mining company’s stock after selling 3,329 shares during the quarter. CIBC Asset Management Inc’s holdings in NovaGold Resources were worth $1,239,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. First Eagle Investment Management LLC raised its stake in shares of NovaGold Resources by 16.5% during the 2nd quarter. First Eagle Investment Management LLC now owns 21,485,443 shares of the mining company’s stock worth $74,340,000 after purchasing an additional 3,042,480 shares in the last quarter. Lingotto Investment Management LLP raised its stake in NovaGold Resources by 10.2% in the 2nd quarter. Lingotto Investment Management LLP now owns 19,428,261 shares of the mining company’s stock valued at $67,222,000 after acquiring an additional 1,790,528 shares during the period. American Century Companies Inc. acquired a new stake in NovaGold Resources during the 2nd quarter valued at $2,029,000. Vanguard Group Inc. boosted its position in NovaGold Resources by 3.7% during the first quarter. Vanguard Group Inc. now owns 10,378,109 shares of the mining company’s stock worth $31,134,000 after purchasing an additional 367,401 shares during the period. Finally, Cedar Wealth Management LLC increased its holdings in shares of NovaGold Resources by 129.4% in the second quarter. Cedar Wealth Management LLC now owns 339,283 shares of the mining company’s stock valued at $1,174,000 after purchasing an additional 191,402 shares during the last quarter. Institutional investors own 57.56% of the company’s stock.

NovaGold Resources Stock Performance

NovaGold Resources stock opened at $3.58 on Thursday. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -27.54 and a beta of 1.06. NovaGold Resources Inc. has a one year low of $2.22 and a one year high of $4.88.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last posted its quarterly earnings data on Wednesday, October 2nd. The mining company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01).

Wall Street Analyst Weigh In

A number of research analysts recently commented on NG shares. National Bank Financial lowered shares of NovaGold Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 24th. StockNews.com cut NovaGold Resources from a “hold” rating to a “sell” rating in a report on Sunday, July 28th. Finally, Citigroup raised NovaGold Resources to a “strong-buy” rating in a report on Thursday, October 3rd.

NovaGold Resources 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.