Short Interest in VanEck Steel ETF (NYSEARCA:SLX) Drops By 23.4%

VanEck Steel ETF (NYSEARCA:SLX) was the recipient of a significant decrease in short interest in the month of March. As of March 13th, there was short interest totaling 23,748 shares, a decrease of 23.4% from the February 26th total of 30,988 shares. Based on an average daily volume of 103,809 shares, the days-to-cover ratio is currently 0.2 days. Approximately 1.2% of the company’s shares are sold short.

Institutional Trading of VanEck Steel ETF

Hedge funds have recently made changes to their positions in the company. Cetera Investment Advisers raised its holdings in VanEck Steel ETF by 747.3% in the 4th quarter. Cetera Investment Advisers now owns 41,636 shares of the exchange traded fund’s stock valued at $3,533,000 after buying an additional 36,722 shares during the period. Osaic Holdings Inc. boosted its stake in VanEck Steel ETF by 682.2% during the fourth quarter. Osaic Holdings Inc. now owns 5,976 shares of the exchange traded fund’s stock worth $507,000 after buying an additional 5,212 shares during the period. Clark Capital Management Group Inc. purchased a new position in VanEck Steel ETF during the fourth quarter worth about $1,437,000. Royal Bank of Canada increased its position in shares of VanEck Steel ETF by 28.1% during the fourth quarter. Royal Bank of Canada now owns 7,728 shares of the exchange traded fund’s stock valued at $656,000 after acquiring an additional 1,695 shares during the last quarter. Finally, MML Investors Services LLC acquired a new stake in shares of VanEck Steel ETF during the fourth quarter valued at about $835,000.

VanEck Steel ETF Trading Down 0.5%

VanEck Steel ETF stock opened at $88.17 on Friday. VanEck Steel ETF has a 12-month low of $51.69 and a 12-month high of $103.00. The stock has a market cap of $175.46 million, a P/E ratio of 14.09 and a beta of 1.33. The company has a 50-day moving average price of $94.83 and a 200 day moving average price of $84.88.

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.