iShares U.S. Basic Materials ETF (NYSEARCA:IYM) Sees Significant Drop in Short Interest

iShares U.S. Basic Materials ETF (NYSEARCA:IYM) was the recipient of a significant drop in short interest during the month of May. As of May 29th, there was short interest totaling 12,187 shares, a drop of 68.4% from the May 14th total of 38,539 shares. Based on an average daily volume of 282,920 shares, the short-interest ratio is presently 0.0 days. Currently, 0.1% of the company’s shares are short sold.

iShares U.S. Basic Materials ETF Stock Up 1.7%

IYM stock traded up $3.14 during mid-day trading on Friday, hitting $187.93. 1,572,087 shares of the company were exchanged, compared to its average volume of 227,566. The firm has a market capitalization of $1.63 billion, a P/E ratio of 22.43 and a beta of 0.95. The business has a fifty day simple moving average of $183.24 and a 200-day simple moving average of $173.13. iShares U.S. Basic Materials ETF has a 12-month low of $135.94 and a 12-month high of $189.80.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Legacy Wealth Managment LLC ID purchased a new position in shares of iShares U.S. Basic Materials ETF in the fourth quarter valued at approximately $36,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of iShares U.S. Basic Materials ETF in the first quarter valued at approximately $36,000. Pin Oak Investment Advisors Inc. purchased a new position in shares of iShares U.S. Basic Materials ETF in the fourth quarter valued at approximately $38,000. Strive Financial Group LLC purchased a new position in shares of iShares U.S. Basic Materials ETF in the fourth quarter valued at approximately $39,000. Finally, Ascentis Independent Advisors purchased a new position in shares of iShares U.S. Basic Materials ETF in the first quarter valued at approximately $40,000.

About iShares U.S. Basic Materials ETF

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.