Short Interest in VanEck Steel ETF (NYSEARCA:SLX) Declines By 63.9%

VanEck Steel ETF (NYSEARCA:SLX) was the target of a significant decrease in short interest in the month of May. As of May 29th, there was short interest totaling 57,139 shares, a decrease of 63.9% from the May 14th total of 158,344 shares. Based on an average daily trading volume, of 78,417 shares, the short-interest ratio is currently 0.7 days. Approximately 3.7% of the company’s shares are short sold.

Hedge Funds Weigh In On VanEck Steel ETF

Hedge funds and other institutional investors have recently modified their holdings of the company. Farther Finance Advisors LLC raised its stake in shares of VanEck Steel ETF by 288.5% during the fourth quarter. Farther Finance Advisors LLC now owns 610 shares of the exchange traded fund’s stock valued at $52,000 after acquiring an additional 453 shares during the last quarter. Kestra Advisory Services LLC bought a new position in shares of VanEck Steel ETF during the fourth quarter valued at about $72,000. CoreCap Advisors LLC raised its stake in shares of 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 acquiring an additional 685 shares during the last quarter. Advisors Preferred LLC bought a new position in shares of VanEck Steel ETF during the fourth quarter valued at about $80,000. Finally, Fifth Third Bancorp bought a new position in shares of VanEck Steel ETF during the first quarter valued at about $110,000.

VanEck Steel ETF Price Performance

NYSEARCA SLX traded up $1.81 during trading on Friday, hitting $110.85. 49,174 shares of the company’s stock traded hands, compared to its average volume of 59,302. The stock has a fifty day moving average of $104.40 and a two-hundred day moving average of $95.35. VanEck Steel ETF has a 12-month low of $63.23 and a 12-month high of $114.00. The firm has a market cap of $170.71 million, a P/E ratio of 14.09 and a beta of 1.22.

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.