iShares Copper and Metals Mining ETF (NASDAQ:ICOP) Trading Down 0.1% – Here’s Why

iShares Copper and Metals Mining ETF (NASDAQ:ICOP) shares dropped 0.1% during mid-day trading on Tuesday . The stock traded as low as $28.11 and last traded at $28.54. Approximately 24,612 shares were traded during trading, an increase of 6% from the average daily volume of 23,243 shares. The stock had previously closed at $28.58.

iShares Copper and Metals Mining ETF Stock Down 0.1%

The firm’s 50-day moving average price is $26.17 and its 200 day moving average price is $26.68. The firm has a market cap of $54.23 million, a P/E ratio of -10.16 and a beta of 1.04.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Municipal Employees Retirement System of Michigan acquired a new stake in shares of iShares Copper and Metals Mining ETF in the first quarter valued at approximately $14,426,000. W.G. Shaheen & Associates DBA Whitney & Co acquired a new position in shares of iShares Copper and Metals Mining ETF during the fourth quarter worth approximately $3,698,000. OLD Mission Capital LLC grew its holdings in iShares Copper and Metals Mining ETF by 76.1% in the 4th quarter. OLD Mission Capital LLC now owns 72,199 shares of the company’s stock worth $1,843,000 after buying an additional 31,200 shares in the last quarter. U.S. Capital Wealth Advisors LLC bought a new position in iShares Copper and Metals Mining ETF in the 4th quarter worth approximately $548,000. Finally, IFP Advisors Inc acquired a new stake in iShares Copper and Metals Mining ETF in the 4th quarter valued at approximately $38,000. 1.35% of the stock is owned by institutional investors and hedge funds.

About iShares Copper and Metals Mining ETF

The iShares Copper and Metals Mining ETF (ICOP) is an exchange-traded fund that mostly invests in materials equity. The fund tracks a market-capitalization weighted index composed of stocks of copper and metal ore mining companies globally. Stocks are quantitatively screened to identify stocks with significant revenue tied to this space ICOP was launched on Jun 21, 2023 and is managed by BlackRock.