VanEck Steel ETF (NYSEARCA:SLX) Shares Cross Below 200 Day Moving Average – Time to Sell?

VanEck Steel ETF (NYSEARCA:SLX)’s share price passed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $103.58 and traded as low as $103.57. VanEck Steel ETF shares last traded at $105.13, with a volume of 16,366 shares trading hands.

VanEck Steel ETF Stock Down 2.5%

The stock has a fifty day moving average of $107.31 and a two-hundred day moving average of $103.69. The stock has a market cap of $157.74 million, a price-to-earnings ratio of 14.09 and a beta of 1.22.

Hedge Funds Weigh In On VanEck Steel ETF

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC purchased a new position in VanEck Steel ETF during the second quarter worth $63,000. CoreCap Advisors LLC lifted its position in shares of VanEck Steel ETF by 37.8% in the second 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 in the last quarter. WT Wealth Management boosted its stake in shares of 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 valued at $1,433,000 after acquiring an additional 865 shares during the last quarter. Fifth Third Bancorp acquired a new stake in shares of VanEck Steel ETF during the first quarter valued at $110,000. Finally, Western Wealth Management LLC acquired a new stake in shares of VanEck Steel ETF during the first quarter valued at $142,000.

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.