Firestone Capital Management Makes New $110,000 Investment in NovaGold Resources Inc. (NYSEAMERICAN:NG)

Firestone Capital Management bought a new stake in NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 31,650 shares of the mining company’s stock, valued at approximately $110,000.

A number of other hedge funds have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC bought a new stake in shares of NovaGold Resources in the first quarter worth $28,000. Sheaff Brock Investment Advisors LLC acquired a new stake in shares of NovaGold Resources in the first quarter valued at about $32,000. Cypress Wealth Services LLC acquired a new stake in shares of NovaGold Resources in the second quarter valued at about $70,000. Principal Financial Group Inc. raised its position in shares of NovaGold Resources by 15.7% during the first quarter. Principal Financial Group Inc. now owns 32,529 shares of the mining company’s stock worth $98,000 after acquiring an additional 4,406 shares during the last quarter. Finally, Fore Capital LLC acquired a new position in shares of NovaGold Resources in the second quarter worth approximately $104,000. 57.56% of the stock is owned by institutional investors and hedge funds.

NovaGold Resources Price Performance

Shares of NovaGold Resources stock opened at $4.30 on Tuesday. NovaGold Resources Inc. has a 1-year low of $2.22 and a 1-year high of $4.88. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of -33.08 and a beta of 1.05.

NovaGold Resources (NYSEAMERICAN:NG) (TSE:NG) last released its earnings results on Wednesday, June 26th. The mining company reported ($0.04) EPS for the quarter.

Wall Street Analyst Weigh In

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

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.