VanEck Steel ETF (NYSEARCA:SLX) Share Price Passes Above Two Hundred Day Moving Average – Here’s Why

VanEck Steel ETF (NYSEARCA:SLX) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $69.46 and traded as high as $78.87. VanEck Steel ETF shares last traded at $78.46, with a volume of 8,666 shares changing hands.

VanEck Steel ETF Trading Up 0.0%

The stock’s 50-day simple moving average is $74.55 and its 200-day simple moving average is $69.46. The stock has a market cap of $121.61 million, a price-to-earnings ratio of 14.09 and a beta of 1.33.

Hedge Funds Weigh In On VanEck Steel ETF

A number of hedge funds have recently added to or reduced their stakes in SLX. WT Wealth Management acquired a new position in VanEck Steel ETF in the 2nd quarter valued at $722,000. LPL Financial LLC grew its holdings in shares of VanEck Steel ETF by 44.6% during the 1st quarter. LPL Financial LLC now owns 21,673 shares of the exchange traded fund’s stock worth $1,333,000 after purchasing an additional 6,681 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new position in shares of VanEck Steel ETF in the third quarter worth $429,000. Griffin Asset Management Inc. bought a new position in shares of VanEck Steel ETF in the third quarter worth $263,000. Finally, Ball & Co Wealth Management Inc. acquired a new position in VanEck Steel ETF in the third quarter valued at about $69,000.

About VanEck Steel ETF

Market Vectors Steel ETF (the Fund) seeks to replicate as closely as possible the price and yield performance of the NYSE Arca Steel Index (STEEL or the Index) by investing in a portfolio of securities that generally replicates STEEL. STEEL, calculated by the NYSE Alternext, is a modified market capitalization-weighted index consisting of publicly traded companies predominantly involved in the production of steel products or mining and processing of iron ore.