VanEck Steel ETF (NYSEARCA:SLX) Stock Passes Above Two Hundred Day Moving Average – Should You Sell?

Shares of VanEck Steel ETF (NYSEARCA:SLX) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $76.68 and traded as high as $93.53. VanEck Steel ETF shares last traded at $93.44, with a volume of 94,002 shares trading hands.

VanEck Steel ETF Trading Up 2.8%

The company’s 50-day moving average is $84.35 and its 200 day moving average is $76.68. The firm has a market cap of $180.34 million, a PE ratio of 14.09 and a beta of 1.33.

Institutional Trading of VanEck Steel ETF

Several hedge funds and other institutional investors have recently modified their holdings of the business. CoreCap Advisors LLC raised its position in VanEck Steel ETF by 286.6% during the fourth quarter. CoreCap Advisors LLC now owns 924 shares of the exchange traded fund’s stock valued at $78,000 after buying an additional 685 shares during the period. JBGlobal.com LLC acquired a new stake in VanEck Steel ETF during the 4th quarter worth about $289,000. Park Avenue Securities LLC purchased a new position in VanEck Steel ETF during the 4th quarter valued at about $340,000. Bank of America Corp DE grew its stake in VanEck Steel ETF by 99.2% during the 3rd quarter. Bank of America Corp DE now owns 21,065 shares of the exchange traded fund’s stock valued at $1,527,000 after acquiring an additional 10,492 shares in the last quarter. Finally, Raymond James Financial Inc. increased its holdings in shares of VanEck Steel ETF by 3.9% in the 3rd quarter. Raymond James Financial Inc. now owns 96,849 shares of the exchange traded fund’s stock valued at $7,020,000 after purchasing an additional 3,655 shares during the period.

VanEck Steel ETF Company Profile

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.