Short Interest in iShares U.S. Basic Materials ETF (NYSEARCA:IYM) Decreases By 83.6%

iShares U.S. Basic Materials ETF (NYSEARCA:IYM) was the target of a large drop in short interest during the month of June. As of June 30th, there was short interest totaling 71,183 shares, a drop of 83.6% from the June 15th total of 435,177 shares. Approximately 1.0% of the company’s shares are sold short. Based on an average daily trading volume, of 221,460 shares, the days-to-cover ratio is currently 0.3 days.

Hedge Funds Weigh In On iShares U.S. Basic Materials ETF

A number of hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its stake in shares of iShares U.S. Basic Materials ETF by 64.2% in the first quarter. The Manufacturers Life Insurance Company now owns 767,520 shares of the company’s stock worth $135,022,000 after purchasing an additional 300,080 shares during the last quarter. Bank of America Corp DE raised its position in iShares U.S. Basic Materials ETF by 176.5% during the 1st quarter. Bank of America Corp DE now owns 374,722 shares of the company’s stock worth $65,921,000 after purchasing an additional 239,188 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in iShares U.S. Basic Materials ETF by 129.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 155,343 shares of the company’s stock worth $23,917,000 after buying an additional 87,723 shares during the period. LPL Financial LLC lifted its holdings in iShares U.S. Basic Materials ETF by 1.0% during the 4th quarter. LPL Financial LLC now owns 101,607 shares of the company’s stock worth $15,643,000 after buying an additional 964 shares during the period. Finally, UBS Group AG grew its position in shares of iShares U.S. Basic Materials ETF by 2.0% in the 4th quarter. UBS Group AG now owns 79,669 shares of the company’s stock valued at $12,266,000 after buying an additional 1,592 shares during the last quarter.

iShares U.S. Basic Materials ETF Trading Up 0.7%

NYSEARCA:IYM traded up $1.23 during mid-day trading on Friday, hitting $178.24. 173,118 shares of the company’s stock were exchanged, compared to its average volume of 234,048. The company has a 50 day simple moving average of $182.86 and a 200-day simple moving average of $177.64. iShares U.S. Basic Materials ETF has a fifty-two week low of $138.03 and a fifty-two week high of $191.37. The firm has a market capitalization of $1.22 billion, a P/E ratio of 22.43 and a beta of 0.96.

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.