iShares U.S. Basic Materials ETF (NYSEARCA:IYM) Sees Large Increase in Short Interest

iShares U.S. Basic Materials ETF (NYSEARCA:IYM) was the target of a significant growth in short interest during the month of June. As of June 15th, there was short interest totaling 435,177 shares, a growth of 3,470.8% from the May 31st total of 12,187 shares. Based on an average daily trading volume, of 318,115 shares, the short-interest ratio is currently 1.4 days. Approximately 5.0% of the company’s shares are sold short.

iShares U.S. Basic Materials ETF Trading Up 1.4%

Shares of iShares U.S. Basic Materials ETF stock opened at $181.79 on Friday. The business has a 50-day moving average price of $183.73 and a two-hundred day moving average price of $175.63. iShares U.S. Basic Materials ETF has a 1-year low of $138.03 and a 1-year high of $191.37. The company has a market cap of $1.58 billion, a P/E ratio of 22.43 and a beta of 0.95.

Institutional Investors Weigh In On iShares U.S. Basic Materials ETF

Several large investors have recently added to or reduced their stakes in the business. Western Wealth Management LLC bought a new stake in iShares U.S. Basic Materials ETF in the first quarter worth approximately $180,000. NewEdge Advisors LLC grew its position in shares of iShares U.S. Basic Materials ETF by 58.4% during the 1st quarter. NewEdge Advisors LLC now owns 4,175 shares of the company’s stock worth $734,000 after buying an additional 1,539 shares during the period. Bank of America Corp DE increased its stake in shares of iShares U.S. Basic Materials ETF by 176.5% in the 1st quarter. Bank of America Corp DE now owns 374,722 shares of the company’s stock valued at $65,921,000 after acquiring an additional 239,188 shares in the last quarter. Arkadios Wealth Advisors increased its stake in shares of iShares U.S. Basic Materials ETF by 22.4% in the 1st quarter. Arkadios Wealth Advisors now owns 2,873 shares of the company’s stock valued at $505,000 after acquiring an additional 525 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of iShares U.S. Basic Materials ETF by 64.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 767,520 shares of the company’s stock valued at $135,022,000 after acquiring an additional 300,080 shares during the period.

iShares U.S. Basic Materials ETF Company Profile

The iShares U.S. Basic Materials ETF (IYM) is an exchange-traded fund that mostly invests in materials equity. The fund tracks a broad, market-cap-weighted index of US basic materials companies that includes raw materials such as metals, chemicals and forestry products. IYM was launched on Jun 12, 2000 and is managed by BlackRock.