iShares U.S. Basic Materials ETF (NYSEARCA:IYM) Sees Large Volume Increase – Still a Buy?

iShares U.S. Basic Materials ETF (NYSEARCA:IYM) shares saw unusually-strong trading volume on Wednesday . Approximately 1,250,515 shares traded hands during trading, an increase of 507% from the previous session’s volume of 206,004 shares.The stock last traded at $172.30 and had previously closed at $168.67.

iShares U.S. Basic Materials ETF Price Performance

The business’s fifty day simple moving average is $177.26 and its two-hundred day simple moving average is $159.47. The company has a market cap of $1.08 billion, a PE ratio of 22.43 and a beta of 1.07.

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

Several institutional investors and hedge funds have recently modified their holdings of IYM. Wealth Enhancement Advisory Services LLC boosted its position in iShares U.S. Basic Materials ETF by 1.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,000 shares of the company’s stock worth $652,000 after purchasing an additional 69 shares in the last quarter. Comerica Bank increased its position in shares of iShares U.S. Basic Materials ETF by 3.3% in the third quarter. Comerica Bank now owns 2,566 shares of the company’s stock valued at $380,000 after buying an additional 83 shares in the last quarter. Wealth Management Partners LLC increased its position in shares of iShares U.S. Basic Materials ETF by 3.4% in the third quarter. Wealth Management Partners LLC now owns 2,534 shares of the company’s stock valued at $376,000 after buying an additional 84 shares in the last quarter. Magnus Financial Group LLC raised its stake in shares of iShares U.S. Basic Materials ETF by 4.6% during the 4th quarter. Magnus Financial Group LLC now owns 2,035 shares of the company’s stock worth $313,000 after buying an additional 90 shares during the period. Finally, CreativeOne Wealth LLC raised its stake in shares of iShares U.S. Basic Materials ETF by 6.1% during the 3rd quarter. CreativeOne Wealth LLC now owns 1,593 shares of the company’s stock worth $236,000 after buying an additional 91 shares during the period.

iShares U.S. Basic Materials ETF Company Profile

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.