Raymond James Financial Inc. Takes $1.95 Million Position in NovaGold Resources Inc. (NYSEAMERICAN:NG)

Raymond James Financial Inc. purchased a new stake in shares of NovaGold Resources Inc. (NYSEAMERICAN:NG - Free Report) TSE: NG in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 586,042 shares of the mining company's stock, valued at approximately $1,952,000. Raymond James Financial Inc. owned 0.18% of NovaGold Resources at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Intech Investment Management LLC acquired a new stake in NovaGold Resources in the 3rd quarter worth $182,000. Dynamic Technology Lab Private Ltd acquired a new position in NovaGold Resources in the third quarter valued at about $223,000. Bank of Montreal Can grew its stake in NovaGold Resources by 26.5% during the third quarter. Bank of Montreal Can now owns 1,278,090 shares of the mining company's stock worth $5,377,000 after buying an additional 267,713 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of NovaGold Resources by 15.0% in the third quarter. BNP Paribas Financial Markets now owns 69,267 shares of the mining company's stock valued at $284,000 after acquiring an additional 9,009 shares during the last quarter. Finally, Northwest & Ethical Investments L.P. bought a new stake in NovaGold Resources during the 3rd quarter worth approximately $31,000. 57.56% of the stock is owned by institutional investors and hedge funds.

NovaGold Resources Stock Down 8.1 %

Shares of NG stock traded down $0.23 during trading hours on Friday, hitting $2.61. 2,921,094 shares of the company were exchanged, compared to its average volume of 1,607,137. The company has a 50 day moving average of $3.15. The stock has a market cap of $873.44 million, a P/E ratio of -20.08 and a beta of 1.05. NovaGold Resources Inc. has a 52 week low of $2.55 and a 52 week high of $4.88.

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Wall Street Analysts Forecast Growth

Separately, National Bank Financial upgraded NovaGold Resources to a "hold" rating in a research report on Friday, March 21st.

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.