iShares U.S. Basic Materials ETF (NYSEARCA:IYM) Hits New 12-Month High – Here’s Why

iShares U.S. Basic Materials ETF (NYSEARCA:IYM) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $197.36 and last traded at $196.10, with a volume of 49585 shares trading hands. The stock had previously closed at $196.45.

iShares U.S. Basic Materials ETF Trading Down 1.2%

The firm has a market capitalization of $1.29 billion, a P/E ratio of 22.43 and a beta of 0.96. The company has a 50 day simple moving average of $182.81 and a two-hundred day simple moving average of $181.94.

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

A number of hedge funds and other institutional investors have recently modified their holdings of IYM. Gerald Baker Financial Group LLC bought a new stake in iShares U.S. Basic Materials ETF in the 1st quarter valued at $4,831,000. Cetera Investment Advisers boosted its holdings in shares of iShares U.S. Basic Materials ETF by 44.7% during the 1st quarter. Cetera Investment Advisers now owns 23,415 shares of the company’s stock valued at $4,119,000 after purchasing an additional 7,236 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of 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 valued at $23,917,000 after purchasing an additional 87,723 shares during the last quarter. Harmony Asset Management LLC bought a new position in shares of iShares U.S. Basic Materials ETF during the 1st quarter valued at about $895,000. Finally, Counterweight Ventures LLC grew its position in shares of iShares U.S. Basic Materials ETF by 207.6% during the first quarter. Counterweight Ventures LLC now owns 11,829 shares of the company’s stock valued at $2,081,000 after purchasing an additional 7,984 shares in the last quarter.

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.