iShares U.S. Basic Materials ETF (NYSEARCA:IYM) Sees Large Volume Increase – Time to Buy?

Shares of iShares U.S. Basic Materials ETF (NYSEARCA:IYM) saw unusually-high trading volume on Wednesday . Approximately 1,250,515 shares traded hands during mid-day trading, an increase of 507% from the previous session’s volume of 206,004 shares.The stock last traded at $172.30 and had previously closed at $168.67.

iShares U.S. Basic Materials ETF Stock Up 2.2%

The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 22.43 and a beta of 1.07. The stock has a 50 day simple moving average of $177.19 and a 200 day simple moving average of $159.30.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IYM. Jane Street Group LLC increased its position in iShares U.S. Basic Materials ETF by 266.1% in the first quarter. Jane Street Group LLC now owns 5,707 shares of the company’s stock worth $769,000 after buying an additional 4,148 shares during the period. Cetera Investment Advisers boosted its holdings in shares of iShares U.S. Basic Materials ETF by 1.2% during the second quarter. Cetera Investment Advisers now owns 16,692 shares of the company’s stock valued at $2,337,000 after acquiring an additional 204 shares during the period. AlphaCore Capital LLC bought a new position in shares of iShares U.S. Basic Materials ETF during the second quarter worth about $110,000. CreativeOne Wealth LLC bought a new position in shares of iShares U.S. Basic Materials ETF during the second quarter worth about $210,000. Finally, Steward Partners Investment Advisory LLC increased its holdings in shares of iShares U.S. Basic Materials ETF by 3.7% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 6,870 shares of the company’s stock worth $962,000 after acquiring an additional 243 shares during the period.

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.