Cibc World Markets Corp Takes $76,000 Position in NovaGold Resources Inc. (NYSEAMERICAN:NG)

Cibc World Markets Corp acquired a new position in shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 22,826 shares of the mining company’s stock, valued at approximately $76,000.

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

NovaGold Resources Price Performance

Shares of NovaGold Resources stock opened at $3.10 on Friday. NovaGold Resources Inc. has a 52 week low of $2.75 and a 52 week high of $4.88. The company has a 50 day moving average of $3.21. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -23.85 and a beta of 1.05.

Wall Street Analyst Weigh In

Separately, National Bank Financial upgraded shares of NovaGold Resources to a “hold” rating in a research note 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.