VanEck Steel ETF (NYSEARCA:SLX) Share Price Passes Above 200-Day Moving Average – Time to Sell?

VanEck Steel ETF (NYSEARCA:SLX) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $99.26 and traded as high as $104.30. VanEck Steel ETF shares last traded at $104.10, with a volume of 80,550 shares trading hands.

VanEck Steel ETF Trading Down 0.7%

The company has a market capitalization of $165.81 million, a P/E ratio of 14.09 and a beta of 1.24. The company’s 50 day moving average is $104.14 and its 200-day moving average is $99.37.

Institutional Investors Weigh In On VanEck Steel ETF

Hedge funds have recently added to or reduced their stakes in the stock. CoreCap Advisors LLC lifted its holdings in shares of 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 in the last quarter. JBGlobal.com LLC bought a new stake in VanEck Steel ETF in the 2nd quarter worth about $318,000. Western Wealth Management LLC bought a new stake in VanEck Steel ETF in the 1st quarter worth about $142,000. NewEdge Advisors LLC purchased a new position in VanEck Steel ETF in the 1st quarter worth about $1,408,000. Finally, Bank of America Corp DE raised its position in VanEck Steel ETF by 12.5% in the 1st quarter. Bank of America Corp DE now owns 28,573 shares of the exchange traded fund’s stock worth $2,623,000 after buying an additional 3,171 shares during the last quarter.

About VanEck Steel ETF

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.