VanEck Steel ETF (NYSEARCA:SLX) Short Interest Down 43.1% in August

VanEck Steel ETF (NYSEARCA:SLX) was the target of a significant drop in short interest during the month of August. As of August 31st, there was short interest totaling 27,630 shares, a drop of 43.1% from the August 15th total of 48,555 shares. Based on an average daily trading volume, of 22,962 shares, the short-interest ratio is currently 1.2 days. Approximately 1.7% of the company’s shares are sold short.

Hedge Funds Weigh In On VanEck Steel ETF

Institutional investors have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC bought a new stake in VanEck Steel ETF in the 2nd quarter valued at about $63,000. CoreCap Advisors LLC lifted its holdings in VanEck Steel ETF by 37.8% during the second quarter. CoreCap Advisors LLC now owns 2,413 shares of the exchange traded fund’s stock valued at $237,000 after purchasing an additional 662 shares during the last quarter. WT Wealth Management boosted its position in VanEck Steel ETF by 5.9% during the first quarter. WT Wealth Management now owns 15,610 shares of the exchange traded fund’s stock worth $1,433,000 after purchasing an additional 865 shares during the period. Fifth Third Bancorp bought a new position in VanEck Steel ETF during the first quarter worth about $110,000. Finally, Western Wealth Management LLC purchased a new position in shares of VanEck Steel ETF in the first quarter worth about $142,000.

VanEck Steel ETF Trading Down 0.4%

SLX stock traded down $0.39 during midday trading on Wednesday, hitting $106.19. The stock had a trading volume of 3,058 shares, compared to its average volume of 47,352. The firm has a market cap of $114.69 million, a P/E ratio of 14.09 and a beta of 1.24. The business has a fifty day moving average price of $106.09 and a two-hundred day moving average price of $102.50. VanEck Steel ETF has a 1-year low of $71.45 and a 1-year high of $114.00.

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.