VanEck Steel ETF (NYSEARCA:SLX) Share Price Breaks Below 200-Day Moving Average – Should You Sell?

VanEck Steel ETF (NYSEARCA:SLX) passed below its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $104.21 and traded as low as $102.63. VanEck Steel ETF shares last traded at $103.03, with a volume of 9,184 shares changing hands.

VanEck Steel ETF Stock Performance

The stock has a market cap of $156.71 million, a P/E ratio of 14.09 and a beta of 1.22. The company has a 50-day simple moving average of $106.71 and a 200-day simple moving average of $104.40.

Hedge Funds Weigh In On VanEck Steel ETF

A number of institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC increased its stake in shares of VanEck Steel ETF by 230.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,505 shares of the exchange traded fund’s stock valued at $154,000 after buying an additional 1,050 shares during the period. Integrated Wealth Concepts LLC acquired a new position in VanEck Steel ETF during the 2nd quarter valued at about $63,000. NewEdge Advisors LLC grew its holdings in VanEck Steel ETF by 41.9% during the 2nd quarter. NewEdge Advisors LLC now owns 21,766 shares of the exchange traded fund’s stock worth $2,142,000 after acquiring an additional 6,426 shares during the period. Schuylkill Financial LLC acquired a new stake in VanEck Steel ETF during the 2nd quarter worth $869,000. Finally, CoreCap Advisors LLC raised its position in shares of VanEck Steel ETF by 37.8% during the 2nd quarter. CoreCap Advisors LLC now owns 2,413 shares of the exchange traded fund’s stock valued at $237,000 after acquiring an additional 662 shares during the last quarter.

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.