Short Interest in iShares U.S. Basic Materials ETF (NYSEARCA:IYM) Drops By 36.1%

iShares U.S. Basic Materials ETF (NYSEARCA:IYM) saw a significant decline in short interest during the month of July. As of July 15th, there was short interest totaling 45,497 shares, a decline of 36.1% from the June 30th total of 71,183 shares. Based on an average daily volume of 270,741 shares, the short-interest ratio is currently 0.2 days. Currently, 0.7% of the shares of the stock are short sold.

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

Several hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company increased its stake in iShares U.S. Basic Materials ETF by 64.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 767,520 shares of the company’s stock worth $135,022,000 after buying an additional 300,080 shares during the period. The Manufacturers Life Insurance Company bought a new stake in iShares U.S. Basic Materials ETF during the 4th quarter valued at $71,967,000. Bank of America Corp DE raised its position in iShares U.S. Basic Materials ETF by 176.5% during the 1st quarter. Bank of America Corp DE now owns 374,722 shares of the company’s stock valued at $65,921,000 after purchasing an additional 239,188 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in iShares U.S. Basic Materials ETF by 129.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 155,343 shares of the company’s stock worth $23,917,000 after acquiring an additional 87,723 shares during the period. Finally, LPL Financial LLC boosted its stake in shares of iShares U.S. Basic Materials ETF by 1.0% during the fourth quarter. LPL Financial LLC now owns 101,607 shares of the company’s stock valued at $15,643,000 after purchasing an additional 964 shares in the last quarter.

iShares U.S. Basic Materials ETF Price Performance

Shares of iShares U.S. Basic Materials ETF stock traded down $3.52 during trading hours on Friday, reaching $175.70. The company’s stock had a trading volume of 185,525 shares, compared to its average volume of 219,290. iShares U.S. Basic Materials ETF has a one year low of $138.03 and a one year high of $191.37. The firm has a 50 day moving average price of $181.14 and a 200-day moving average price of $179.63. The stock has a market cap of $1.17 billion, a P/E ratio of 22.43 and a beta of 0.96.

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.