Short Interest in VanEck Steel ETF (NYSEARCA:SLX) Rises By 143.6%

VanEck Steel ETF (NYSEARCA:SLX) was the target of a significant increase in short interest in July. As of July 31st, there was short interest totaling 65,695 shares, an increase of 143.6% from the July 15th total of 26,966 shares. Currently, 4.1% of the company’s stock are sold short. Based on an average daily volume of 28,844 shares, the short-interest ratio is currently 2.3 days.

Institutional Investors Weigh In On VanEck Steel ETF

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SLX. UBS Group AG boosted its holdings in 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 worth $4,283,000 after acquiring an additional 41,768 shares in the last quarter. Raymond James Financial Inc. grew 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 worth $7,020,000 after acquiring an additional 3,655 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of VanEck Steel ETF by 99.2% during the third quarter. Bank of America Corp DE now owns 21,065 shares of the exchange traded fund’s stock valued at $1,527,000 after acquiring an additional 10,492 shares in the last quarter. Farther Finance Advisors LLC increased its holdings 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 in the last quarter. Finally, Private Trust Co. NA purchased a new position in shares of VanEck Steel ETF in the 4th quarter valued at approximately $190,000.

VanEck Steel ETF Trading Down 0.5%

Shares of SLX traded down $0.54 during midday trading on Friday, hitting $107.96. 11,459 shares of the company’s stock traded hands, compared to its average volume of 51,654. The stock has a market capitalization of $172.74 million, a price-to-earnings ratio of 14.09 and a beta of 1.23. VanEck Steel ETF has a 1 year low of $68.20 and a 1 year high of $114.00. The firm’s fifty day moving average is $103.74 and its 200-day moving average is $100.81.

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.