Fidelity MSCI Materials Index ETF (NYSEARCA:FMAT) Sees Significant Decline in Short Interest

Fidelity MSCI Materials Index ETF (NYSEARCA:FMAT) was the recipient of a significant drop in short interest during the month of March. As of March 13th, there was short interest totaling 70,275 shares, a drop of 12.8% from the February 26th total of 80,633 shares. Currently, 0.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 51,937 shares, the short-interest ratio is presently 1.4 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Targeted Financial Services LLC purchased a new position in shares of Fidelity MSCI Materials Index ETF during the fourth quarter valued at about $273,000. Sunbelt Securities Inc. lifted its position in shares of Fidelity MSCI Materials Index ETF by 1.4% in the fourth quarter. Sunbelt Securities Inc. now owns 30,907 shares of the company’s stock worth $1,641,000 after buying an additional 414 shares in the last quarter. Kovitz Investment Group Partners LLC boosted its stake in Fidelity MSCI Materials Index ETF by 83.4% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 96,473 shares of the company’s stock valued at $5,124,000 after buying an additional 43,872 shares during the last quarter. Jacobs Equity LLC bought a new position in Fidelity MSCI Materials Index ETF during the fourth quarter valued at approximately $345,000. Finally, Mercer Global Advisors Inc. ADV purchased a new position in Fidelity MSCI Materials Index ETF during the 4th quarter valued at approximately $232,000.

Fidelity MSCI Materials Index ETF Stock Performance

Shares of NYSEARCA:FMAT opened at $56.30 on Tuesday. The firm has a fifty day moving average price of $59.14 and a 200 day moving average price of $54.78. Fidelity MSCI Materials Index ETF has a fifty-two week low of $41.39 and a fifty-two week high of $62.84. The firm has a market cap of $495.44 million, a price-to-earnings ratio of 23.26 and a beta of 1.07.

About Fidelity MSCI Materials Index ETF

The Fidelity MSCI Materials Index ETF (FMAT) is an exchange-traded fund that is based on the MSCI USA IMI Materials 25\u002F50 index, a market-cap-weighted index of stocks in the US basic materials sector across the entire market-cap spectrum. FMAT was launched on Oct 21, 2013 and is managed by Fidelity.