Cedar Wealth Management LLC Decreases Stock Position in NovaGold Resources Inc. (NYSEAMERICAN:NG)

Cedar Wealth Management LLC decreased its position in shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 54.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 155,327 shares of the mining company’s stock after selling 183,956 shares during the quarter. Cedar Wealth Management LLC’s holdings in NovaGold Resources were worth $637,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in NG. Allspring Global Investments Holdings LLC bought a new stake in shares of NovaGold Resources in the first quarter valued at approximately $28,000. Sheaff Brock Investment Advisors LLC bought a new stake in NovaGold Resources during the 1st quarter valued at $32,000. AQR Capital Management LLC purchased a new stake in shares of NovaGold Resources during the second quarter worth $49,000. Evoke Wealth LLC purchased a new position in shares of NovaGold Resources in the second quarter valued at $66,000. Finally, Cypress Wealth Services LLC bought a new stake in shares of NovaGold Resources during the 2nd quarter valued at $70,000. Hedge funds and other institutional investors own 57.56% of the company’s stock.

NovaGold Resources Price Performance

NovaGold Resources stock opened at $3.66 on Wednesday. The stock has a market cap of $1.22 billion, a P/E ratio of -28.15 and a beta of 1.06. NovaGold Resources Inc. has a 52 week low of $2.22 and a 52 week high of $4.88.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last issued 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

A number of research firms have weighed in on NG. National Bank Financial lowered NovaGold Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 24th. StockNews.com cut shares of NovaGold Resources from a “hold” rating to a “sell” rating in a research note on Sunday, July 28th. Finally, Citigroup upgraded 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.