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

iShares U.S. Basic Materials ETF (NYSEARCA:IYM) was the recipient of a large drop in short interest during the month of September. As of September 30th, there was short interest totaling 28,483 shares, a drop of 65.7% from the September 15th total of 82,938 shares. Approximately 0.4% of the shares of the company are sold short. Based on an average trading volume of 185,498 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Investors Weigh In On iShares U.S. Basic Materials ETF

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tidal Investments LLC raised its stake in shares of iShares U.S. Basic Materials ETF by 4.6% in the second quarter. Tidal Investments LLC now owns 1,762 shares of the company’s stock worth $316,000 after buying an additional 77 shares during the period. Compass Financial Management LLC purchased a new position in shares of iShares U.S. Basic Materials ETF during the 2nd quarter valued at about $29,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of iShares U.S. Basic Materials ETF during the 1st quarter valued at about $36,000. Ascentis Independent Advisors purchased a new position in shares of iShares U.S. Basic Materials ETF during the 1st quarter valued at about $40,000. Finally, Angeles Wealth Management LLC purchased a new position in shares of iShares U.S. Basic Materials ETF during the 1st quarter valued at about $41,000.

iShares U.S. Basic Materials ETF Stock Performance

Shares of IYM stock traded up $0.21 during trading hours on Tuesday, reaching $182.09. The company had a trading volume of 40,379 shares, compared to its average volume of 219,348. The business has a fifty day moving average price of $186.54 and a 200-day moving average price of $183.12. iShares U.S. Basic Materials ETF has a one year low of $139.08 and a one year high of $197.36. The firm has a market cap of $1.37 billion, a PE ratio of 22.43 and a beta of 0.98.

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.