iShares U.S. Basic Materials ETF (NYSEARCA:IYM) Hits New 12-Month High – Still a Buy?

iShares U.S. Basic Materials ETF (NYSEARCA:IYM)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $191.26 and last traded at $190.49, with a volume of 17661 shares changing hands. The stock had previously closed at $187.93.

iShares U.S. Basic Materials ETF Price Performance

The business has a 50-day moving average of $183.24 and a 200-day moving average of $173.34. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 22.43 and a beta of 0.95.

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

A number of institutional investors have recently bought and sold shares of the business. NewEdge Advisors LLC increased its position in iShares U.S. Basic Materials ETF by 58.4% during the first quarter. NewEdge Advisors LLC now owns 4,175 shares of the company’s stock worth $734,000 after buying an additional 1,539 shares during the last quarter. Western Wealth Management LLC acquired a new position in iShares U.S. Basic Materials ETF during the first quarter worth approximately $180,000. Bank of America Corp DE increased its position in iShares U.S. Basic Materials ETF by 176.5% during the first quarter. Bank of America Corp DE now owns 374,722 shares of the company’s stock worth $65,921,000 after buying an additional 239,188 shares during the last quarter. Arkadios Wealth Advisors increased its position in iShares U.S. Basic Materials ETF by 22.4% during the first quarter. Arkadios Wealth Advisors now owns 2,873 shares of the company’s stock worth $505,000 after buying an additional 525 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in iShares U.S. Basic Materials ETF by 64.2% during the first 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 last quarter.

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.