VanEck Steel ETF (NYSEARCA:SLX) Stock Price Crosses Above Two Hundred Day Moving Average – Should You Sell?

Shares of VanEck Steel ETF (NYSEARCA:SLX) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $90.80 and traded as high as $110.03. VanEck Steel ETF shares last traded at $109.77, with a volume of 66,828 shares changing hands.

VanEck Steel ETF Price Performance

The firm’s 50-day moving average price is $96.56 and its 200 day moving average price is $90.80. The firm has a market capitalization of $169.05 million, a price-to-earnings ratio of 14.09 and a beta of 1.21.

Hedge Funds Weigh In On VanEck Steel ETF

Several institutional investors and hedge funds have recently modified their holdings of the company. LPL Financial LLC lifted its stake in shares of VanEck Steel ETF by 248.9% during the fourth quarter. LPL Financial LLC now owns 122,968 shares of the exchange traded fund’s stock valued at $10,435,000 after buying an additional 87,726 shares during the period. Raymond James Financial Inc. lifted 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 valued at $7,020,000 after buying an additional 3,655 shares during the period. UBS Group AG lifted its stake in shares of VanEck Steel ETF by 241.1% during the third quarter. UBS Group AG now owns 59,094 shares of the exchange traded fund’s stock valued at $4,283,000 after buying an additional 41,768 shares during the period. Cetera Investment Advisers lifted its stake in shares of VanEck Steel ETF by 747.3% during the fourth quarter. Cetera Investment Advisers now owns 41,636 shares of the exchange traded fund’s stock valued at $3,533,000 after buying an additional 36,722 shares during the period. Finally, Jane Street Group LLC purchased a new position in shares of VanEck Steel ETF during the fourth quarter valued at approximately $2,254,000.

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.