VanEck Steel ETF (NYSEARCA:SLX) Share Price Passes Above 200-Day Moving Average – Here’s Why

VanEck Steel ETF (NYSEARCA:SLX)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $71.56 and traded as high as $83.48. VanEck Steel ETF shares last traded at $81.69, with a volume of 37,118 shares.

VanEck Steel ETF Stock Performance

The stock has a market capitalization of $126.62 million, a PE ratio of 14.09 and a beta of 1.33. The firm has a 50 day moving average of $77.39 and a 200-day moving average of $71.56.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. LPL Financial LLC raised its stake in shares of VanEck Steel ETF by 44.6% in the 1st quarter. LPL Financial LLC now owns 21,673 shares of the exchange traded fund’s stock valued at $1,333,000 after acquiring an additional 6,681 shares in the last quarter. Private Wealth Asset Management LLC acquired a new stake in shares of VanEck Steel ETF in the second quarter worth $26,000. Bank of America Corp DE boosted its holdings in shares of VanEck Steel ETF by 99.2% during the 3rd quarter. Bank of America Corp DE now owns 21,065 shares of the exchange traded fund’s stock worth $1,527,000 after buying an additional 10,492 shares during the period. UBS Group AG grew its stake in VanEck Steel ETF by 241.1% in the 3rd quarter. UBS Group AG now owns 59,094 shares of the exchange traded fund’s stock valued at $4,283,000 after buying an additional 41,768 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new position in VanEck Steel ETF in the 3rd quarter worth $429,000.

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.