iShares Copper and Metals Mining ETF (NASDAQ:ICOP) Stock Jumps 1.3% – Still a Buy?

iShares Copper and Metals Mining ETF (NASDAQ:ICOP)’s stock price shot up 1.3% during mid-day trading on Friday. The company traded as high as $47.21 and last traded at $46.81. 121,168 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 183,948 shares. The stock had previously closed at $46.20.

iShares Copper and Metals Mining ETF Trading Up 1.3%

The stock has a market cap of $407.25 million, a P/E ratio of -16.66 and a beta of 1.04. The firm’s fifty day moving average is $52.95 and its 200 day moving average is $52.08.

Institutional Investors Weigh In On iShares Copper and Metals Mining ETF

Several hedge funds and other institutional investors have recently made changes to their positions in ICOP. Municipal Employees Retirement System of Michigan acquired a new stake in shares of iShares Copper and Metals Mining ETF in the third quarter worth $28,873,000. W.G. Shaheen & Associates DBA Whitney & Co acquired a new stake in shares of iShares Copper and Metals Mining ETF during the 3rd quarter worth approximately $9,308,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors increased its position in shares of iShares Copper and Metals Mining ETF by 37.4% during the third quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 92,416 shares of the company’s stock valued at $4,918,000 after purchasing an additional 25,165 shares during the period. Kera Capital Partners Inc. increased its position in shares of iShares Copper and Metals Mining ETF by 54.8% during the first quarter. Kera Capital Partners Inc. now owns 37,840 shares of the company’s stock valued at $1,800,000 after purchasing an additional 13,392 shares during the period. Finally, Quantinno Capital Management LP bought a new stake in shares of iShares Copper and Metals Mining ETF during the first quarter valued at approximately $909,000. 1.35% of the stock is owned by institutional investors and hedge funds.

About iShares Copper and Metals Mining ETF

The iShares Copper and Metals Mining ETF (ICOP) is an exchange-traded fund that mostly invests in materials equity. The fund tracks a market-capitalization weighted index composed of stocks of copper and metal ore mining companies globally. Stocks are quantitatively screened to identify stocks with significant revenue tied to this space ICOP was launched on Jun 21, 2023 and is managed by BlackRock.