Fidelity MSCI Materials Index ETF (NYSEARCA:FMAT) Sees Significant Decrease in Short Interest

Fidelity MSCI Materials Index ETF (NYSEARCA:FMAT) was the recipient of a significant drop in short interest during the month of March. As of March 13th, there was short interest totaling 70,275 shares, a drop of 12.8% from the February 26th total of 80,633 shares. Currently, 0.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 51,937 shares, the short-interest ratio is presently 1.4 days.

Hedge Funds Weigh In On Fidelity MSCI Materials Index ETF

A number of institutional investors have recently modified their holdings of FMAT. AE Wealth Management LLC lifted its stake in Fidelity MSCI Materials Index ETF by 25.8% in the fourth quarter. AE Wealth Management LLC now owns 1,328,708 shares of the company’s stock worth $70,568,000 after acquiring an additional 272,726 shares during the period. Lido Advisors LLC increased its position in Fidelity MSCI Materials Index ETF by 8.7% during the 3rd quarter. Lido Advisors LLC now owns 623,248 shares of the company’s stock valued at $32,677,000 after purchasing an additional 49,681 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Fidelity MSCI Materials Index ETF by 23,517.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 334,902 shares of the company’s stock valued at $17,787,000 after purchasing an additional 333,484 shares in the last quarter. Kovitz Investment Group Partners LLC raised its holdings in shares of Fidelity MSCI Materials Index ETF by 83.4% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 96,473 shares of the company’s stock valued at $5,124,000 after purchasing an additional 43,872 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its position in shares of Fidelity MSCI Materials Index ETF by 9.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 82,732 shares of the company’s stock worth $4,394,000 after purchasing an additional 7,466 shares during the period.

Fidelity MSCI Materials Index ETF Trading Up 2.4%

Shares of NYSEARCA FMAT opened at $57.64 on Wednesday. The firm’s 50-day moving average price is $59.15 and its 200-day moving average price is $54.82. The stock has a market capitalization of $507.23 million, a price-to-earnings ratio of 23.26 and a beta of 1.07. Fidelity MSCI Materials Index ETF has a 12-month low of $41.39 and a 12-month high of $62.84.

About Fidelity MSCI Materials Index ETF

The Fidelity MSCI Materials Index ETF (FMAT) is an exchange-traded fund that is based on the MSCI USA IMI Materials 25\u002F50 index, a market-cap-weighted index of stocks in the US basic materials sector across the entire market-cap spectrum. FMAT was launched on Oct 21, 2013 and is managed by Fidelity.