VanEck Steel ETF (NYSEARCA:SLX) Shares Pass Above 200-Day Moving Average – What’s Next?

VanEck Steel ETF (NYSEARCA:SLX)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $70.79 and traded as high as $81.31. VanEck Steel ETF shares last traded at $80.93, with a volume of 36,267 shares changing hands.

VanEck Steel ETF Stock Up 1.5%

The firm has a market cap of $125.44 million, a PE ratio of 14.09 and a beta of 1.33. The business has a 50 day simple moving average of $76.21 and a two-hundred day simple moving average of $70.79.

Institutional Investors Weigh In On VanEck Steel ETF

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLX. Bank of America Corp DE boosted its position in VanEck Steel ETF by 99.2% in 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 buying an additional 10,492 shares during the period. Raymond James Financial Inc. raised its stake in shares of 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 boosted its holdings in shares of VanEck Steel ETF by 241.1% in the third quarter. UBS Group AG now owns 59,094 shares of the exchange traded fund’s stock valued at $4,283,000 after purchasing an additional 41,768 shares during the period. B. Riley Wealth Advisors Inc. bought a new position in VanEck Steel ETF in the third quarter worth approximately $429,000. Finally, Ball & Co Wealth Management Inc. bought a new position in VanEck Steel ETF in the third quarter worth approximately $69,000.

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.