iShares Copper and Metals Mining ETF (NASDAQ:ICOP) Sees Large Increase in Short Interest

iShares Copper and Metals Mining ETF (NASDAQ:ICOP) saw a significant growth in short interest in the month of January. As of January 30th, there was short interest totaling 170,609 shares, a growth of 111.4% from the January 15th total of 80,695 shares. Based on an average daily trading volume, of 752,393 shares, the days-to-cover ratio is currently 0.2 days. Currently, 2.2% of the company’s shares are short sold. Currently, 2.2% of the company’s shares are short sold. Based on an average daily trading volume, of 752,393 shares, the days-to-cover ratio is currently 0.2 days.

Hedge Funds Weigh In On iShares Copper and Metals Mining ETF

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Municipal Employees Retirement System of Michigan increased its stake in shares of iShares Copper and Metals Mining ETF by 40.8% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 784,271 shares of the company’s stock worth $23,450,000 after acquiring an additional 227,272 shares in the last quarter. W.G. Shaheen & Associates DBA Whitney & Co grew its holdings in iShares Copper and Metals Mining ETF by 1.6% in the second quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 154,203 shares of the company’s stock worth $4,611,000 after purchasing an additional 2,451 shares during the period. Jane Street Group LLC bought a new position in shares of iShares Copper and Metals Mining ETF during the second quarter valued at approximately $1,017,000. J. Safra Sarasin Holding AG bought a new position in shares of iShares Copper and Metals Mining ETF during the third quarter valued at approximately $350,000. Finally, TD Waterhouse Canada Inc. bought a new stake in shares of iShares Copper and Metals Mining ETF in the 3rd quarter worth approximately $1,144,000. Hedge funds and other institutional investors own 1.35% of the company’s stock.

iShares Copper and Metals Mining ETF Price Performance

Shares of ICOP opened at $53.50 on Friday. The company has a 50-day simple moving average of $48.11 and a two-hundred day simple moving average of $40.05. The firm has a market capitalization of $419.98 million, a PE ratio of -19.04 and a beta of 0.85. iShares Copper and Metals Mining ETF has a one year low of $21.10 and a one year high of $60.08.

iShares Copper and Metals Mining ETF Cuts Dividend

The company also recently declared a special dividend, which was paid on Tuesday, January 6th. Investors of record on Tuesday, December 30th were paid a $0.0295 dividend. This represents a yield of 13.0%. The ex-dividend date of this dividend was Tuesday, December 30th. iShares Copper and Metals Mining ETF’s dividend payout ratio is presently -32.74%.

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.