iShares U.S. Basic Materials ETF (NYSEARCA:IYM) Reaches New 12-Month High – Still a Buy?

iShares U.S. Basic Materials ETF (NYSEARCA:IYM) reached a new 52-week high on Tuesday . The stock traded as high as $191.84 and last traded at $191.84, with a volume of 9372 shares changing hands. The stock had previously closed at $188.46.

iShares U.S. Basic Materials ETF Stock Up 0.3%

The company has a fifty day simple moving average of $181.07 and a 200-day simple moving average of $180.34. The firm has a market cap of $1.27 billion, a P/E ratio of 22.43 and a beta of 0.96.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IYM. City Holding Co. purchased a new stake in iShares U.S. Basic Materials ETF in the 2nd quarter worth approximately $65,000. Balefire LLC purchased a new position in iShares U.S. Basic Materials ETF during the second quarter valued at approximately $860,000. CoreCap Advisors LLC boosted its position in shares of iShares U.S. Basic Materials ETF by 324.4% in the second quarter. CoreCap Advisors LLC now owns 61,497 shares of the company’s stock worth $11,041,000 after purchasing an additional 47,006 shares during the period. Western Wealth Management LLC bought a new position in shares of iShares U.S. Basic Materials ETF in the first quarter worth approximately $180,000. Finally, NewEdge Advisors LLC boosted its position in shares of iShares U.S. Basic Materials ETF by 58.4% in the first quarter. NewEdge Advisors LLC now owns 4,175 shares of the company’s stock worth $734,000 after purchasing an additional 1,539 shares during the period.

About iShares U.S. Basic Materials ETF

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.