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

VanEck Steel ETF (NYSEARCA:SLX) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $87.95 and traded as high as $102.93. VanEck Steel ETF shares last traded at $102.61, with a volume of 26,148 shares changing hands.

VanEck Steel ETF Price Performance

The firm has a market cap of $158.02 million, a PE ratio of 14.09 and a beta of 1.21. The business has a fifty day moving average price of $95.16 and a two-hundred day moving average price of $87.95.

Hedge Funds Weigh In On VanEck Steel ETF

Several institutional investors and hedge funds have recently modified their holdings of SLX. LPL Financial LLC increased its position in VanEck Steel ETF by 248.9% in the 4th quarter. LPL Financial LLC now owns 122,968 shares of the exchange traded fund’s stock worth $10,435,000 after purchasing an additional 87,726 shares during the last quarter. Raymond James Financial Inc. raised its position in VanEck Steel ETF by 3.9% during 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 acquiring an additional 3,655 shares in the last quarter. UBS Group AG raised its position in VanEck Steel ETF by 241.1% during the third quarter. UBS Group AG now owns 59,094 shares of the exchange traded fund’s stock valued at $4,283,000 after acquiring an additional 41,768 shares in the last quarter. Cetera Investment Advisers lifted its stake in VanEck Steel ETF by 747.3% in the fourth quarter. Cetera Investment Advisers now owns 41,636 shares of the exchange traded fund’s stock valued at $3,533,000 after acquiring an additional 36,722 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in VanEck Steel ETF in the fourth quarter valued at approximately $2,254,000.

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. 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.