VanEck Steel ETF (NYSEARCA:SLX) Share Price Crosses Below Two Hundred Day Moving Average – Here’s What Happened

Shares of VanEck Steel ETF (NYSEARCA:SLX) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $97.89 and traded as low as $96.20. VanEck Steel ETF shares last traded at $97.33, with a volume of 34,461 shares trading hands.

VanEck Steel ETF Trading Down 1.1%

The firm has a market capitalization of $167.41 million, a PE ratio of 14.09 and a beta of 1.24. The firm has a 50 day simple moving average of $105.56 and a 200 day simple moving average of $97.89.

Institutional Investors Weigh In On VanEck Steel ETF

Several institutional investors have recently modified their holdings of the business. CoreCap Advisors LLC increased its holdings in VanEck Steel ETF by 37.8% in the 2nd quarter. CoreCap Advisors LLC now owns 2,413 shares of the exchange traded fund’s stock worth $237,000 after buying an additional 662 shares in the last quarter. JBGlobal.com LLC bought a new position in VanEck Steel ETF during the 2nd quarter valued at about $318,000. Western Wealth Management LLC purchased a new stake in shares of VanEck Steel ETF during the 1st quarter valued at about $142,000. NewEdge Advisors LLC purchased a new stake in shares of VanEck Steel ETF during the 1st quarter valued at about $1,408,000. Finally, Bank of America Corp DE grew its stake in shares of VanEck Steel ETF by 12.5% in the first quarter. Bank of America Corp DE now owns 28,573 shares of the exchange traded fund’s stock worth $2,623,000 after acquiring an additional 3,171 shares during the period.

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.