NovaGold Resources (NYSEAMERICAN:NG) Shares Down 2.6% – Here’s What Happened

NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG)’s stock price dropped 2.6% during trading on Monday . The company traded as low as $3.29 and last traded at $3.32. Approximately 197,901 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 846,294 shares. The stock had previously closed at $3.41.

Analyst Ratings Changes

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

NovaGold Resources Trading Up 0.9 %

The company has a market capitalization of $1.13 billion, a PE ratio of -25.92 and a beta of 1.07.

Institutional Investors Weigh In On NovaGold Resources

A number of large investors have recently added to or reduced their stakes in the company. American Century Companies Inc. acquired a new position in shares of NovaGold Resources in the 2nd quarter valued at approximately $2,029,000. First Eagle Investment Management LLC raised its holdings in NovaGold Resources by 16.5% in the second quarter. First Eagle Investment Management LLC now owns 21,485,443 shares of the mining company’s stock valued at $74,340,000 after acquiring an additional 3,042,480 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in NovaGold Resources by 24.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 897,411 shares of the mining company’s stock valued at $3,105,000 after acquiring an additional 173,817 shares during the last quarter. State Street Corp grew its holdings in NovaGold Resources by 5.0% during the 3rd quarter. State Street Corp now owns 4,321,172 shares of the mining company’s stock worth $17,717,000 after acquiring an additional 206,610 shares in the last quarter. Finally, Barclays PLC increased its position in shares of NovaGold Resources by 19.9% in the 3rd quarter. Barclays PLC now owns 917,835 shares of the mining company’s stock worth $3,762,000 after purchasing an additional 152,164 shares during the last quarter. 57.56% of the stock is owned by institutional investors and hedge funds.

NovaGold Resources Company 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.