Short Interest in VanEck Steel ETF (NYSEARCA:SLX) Drops By 43.1%

VanEck Steel ETF (NYSEARCA:SLX) was the recipient of a large decline in short interest during the month of August. As of August 31st, there was short interest totaling 27,630 shares, a decline of 43.1% from the August 15th total of 48,555 shares. Currently, 1.7% of the shares of the company are short sold. Based on an average trading volume of 22,962 shares, the short-interest ratio is currently 1.2 days.

Institutional Trading of VanEck Steel ETF

Several institutional investors have recently made changes to their positions in SLX. Integrated Wealth Concepts LLC bought a new position in shares of VanEck Steel ETF in the 2nd quarter worth about $63,000. CoreCap Advisors LLC boosted its position in shares of 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. WT Wealth Management grew its stake in VanEck Steel ETF by 5.9% during the first quarter. WT Wealth Management now owns 15,610 shares of the exchange traded fund’s stock worth $1,433,000 after purchasing an additional 865 shares during the period. Fifth Third Bancorp acquired a new stake in VanEck Steel ETF during the first quarter worth approximately $110,000. Finally, Western Wealth Management LLC acquired a new stake in VanEck Steel ETF during the first quarter worth approximately $142,000.

VanEck Steel ETF Stock Performance

Shares of NYSEARCA:SLX traded up $2.18 during midday trading on Thursday, hitting $108.37. The company’s stock had a trading volume of 11,128 shares, compared to its average volume of 47,148. The stock’s 50 day simple moving average is $106.27 and its 200 day simple moving average is $102.54. The stock has a market capitalization of $117.04 million, a price-to-earnings ratio of 14.09 and a beta of 1.24. VanEck Steel ETF has a fifty-two week low of $71.45 and a fifty-two week high of $114.00.

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.