VanEck Steel ETF (NYSEARCA:SLX – Get Free Report) was the target of a significant decrease in short interest in the month of May. As of May 29th, there was short interest totaling 57,139 shares, a decrease of 63.9% from the May 14th total of 158,344 shares. Based on an average trading volume of 78,417 shares, the days-to-cover ratio is presently 0.7 days. Currently, 3.7% of the company’s shares are sold short.
Institutional Investors Weigh In On VanEck Steel ETF
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLX. UBS Group AG increased its holdings in VanEck Steel ETF by 241.1% in the third quarter. UBS Group AG now owns 59,094 shares of the exchange traded fund’s stock valued at $4,283,000 after purchasing an additional 41,768 shares during the last quarter. Raymond James Financial Inc. increased its holdings in VanEck Steel ETF by 3.9% in the third quarter. Raymond James Financial Inc. now owns 96,849 shares of the exchange traded fund’s stock valued at $7,020,000 after purchasing an additional 3,655 shares during the last quarter. Bank of America Corp DE increased its holdings in VanEck Steel ETF by 99.2% in the third quarter. Bank of America Corp DE now owns 21,065 shares of the exchange traded fund’s stock valued at $1,527,000 after purchasing an additional 10,492 shares during the last quarter. Park Avenue Securities LLC bought a new stake in VanEck Steel ETF in the fourth quarter valued at about $340,000. Finally, JBGlobal.com LLC bought a new stake in VanEck Steel ETF in the fourth quarter valued at about $289,000.
VanEck Steel ETF Trading Up 1.7%
Shares of SLX traded up $1.81 during trading hours on Friday, hitting $110.85. 49,174 shares of the stock traded hands, compared to its average volume of 59,302. VanEck Steel ETF has a 1-year low of $63.23 and a 1-year high of $114.00. The firm has a market capitalization of $170.71 million, a PE ratio of 14.09 and a beta of 1.22. The business has a fifty day moving average of $104.40 and a 200-day moving average of $95.35.
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. The Index includes companies primarily involved in a variety of activities related to steel production, including the operation of manufacturing mills and fabrication of steel products.
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