VanEck Steel ETF (NYSEARCA:SLX) Stock Crosses Below 200 Day Moving Average – What’s Next?

VanEck Steel ETF (NYSEARCA:SLX)’s share price crossed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $104.73 and traded as low as $102.83. VanEck Steel ETF shares last traded at $103.36, with a volume of 41,008 shares trading hands.

VanEck Steel ETF Stock Performance

The business has a 50 day moving average of $106.00 and a two-hundred day moving average of $104.78. The firm has a market capitalization of $151.06 million, a price-to-earnings ratio of 14.09 and a beta of 1.22.

Institutional Investors Weigh In On VanEck Steel ETF

Several hedge funds and other institutional investors have recently modified their holdings of SLX. Schuylkill Financial LLC lifted its holdings in shares of VanEck Steel ETF by 3.5% in the 3rd quarter. Schuylkill Financial LLC now owns 9,138 shares of the exchange traded fund’s stock worth $934,000 after purchasing an additional 311 shares in the last quarter. Farther Finance Advisors LLC grew its position in VanEck Steel ETF by 230.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,505 shares of the exchange traded fund’s stock valued at $154,000 after purchasing an additional 1,050 shares during the period. Integrated Wealth Concepts LLC bought a new stake in VanEck Steel ETF during the 2nd quarter valued at $63,000. NewEdge Advisors LLC increased its stake in VanEck Steel ETF by 41.9% during the 2nd quarter. NewEdge Advisors LLC now owns 21,766 shares of the exchange traded fund’s stock valued at $2,142,000 after purchasing an additional 6,426 shares in the last quarter. Finally, CoreCap Advisors LLC increased its stake in VanEck Steel ETF by 37.8% during the 2nd 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.

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.