Short Interest in iShares Copper and Metals Mining ETF (NASDAQ:ICOP) Decreases By 55.2%

iShares Copper and Metals Mining ETF (NASDAQ:ICOP) was the recipient of a large drop in short interest during the month of March. As of March 13th, there was short interest totaling 29,555 shares, a drop of 55.2% from the February 26th total of 65,968 shares. Approximately 0.4% of the company’s shares are sold short. Based on an average trading volume of 267,192 shares, the days-to-cover ratio is currently 0.1 days.

iShares Copper and Metals Mining ETF Stock Performance

ICOP traded down $2.25 during trading on Thursday, hitting $44.31. 109,749 shares of the stock were exchanged, compared to its average volume of 381,484. The firm has a 50 day simple moving average of $51.42 and a 200 day simple moving average of $43.87. The firm has a market cap of $347.83 million, a price-to-earnings ratio of -15.77 and a beta of 0.85. iShares Copper and Metals Mining ETF has a 1 year low of $21.10 and a 1 year high of $60.08.

iShares Copper and Metals Mining ETF Cuts Dividend

The firm also recently declared a special dividend, which was paid on Tuesday, January 6th. Shareholders of record on Tuesday, December 30th were issued a $0.0295 dividend. This represents a yield of 13.0%. The ex-dividend date of this dividend was Tuesday, December 30th. iShares Copper and Metals Mining ETF’s dividend payout ratio (DPR) is currently -32.74%.

Hedge Funds Weigh In On iShares Copper and Metals Mining ETF

Hedge funds and other institutional investors have recently bought and sold shares of the business. JFS Wealth Advisors LLC acquired a new stake in shares of iShares Copper and Metals Mining ETF in the 4th quarter worth $27,000. HHM Wealth Advisors LLC acquired a new position in iShares Copper and Metals Mining ETF during the fourth quarter worth $29,000. Steward Partners Investment Advisory LLC lifted its position in shares of iShares Copper and Metals Mining ETF by 147.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,334 shares of the company’s stock worth $59,000 after purchasing an additional 794 shares in the last quarter. Royal Bank of Canada grew its stake in shares of iShares Copper and Metals Mining ETF by 46.1% in the fourth quarter. Royal Bank of Canada now owns 6,129 shares of the company’s stock worth $271,000 after acquiring an additional 1,934 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in shares of iShares Copper and Metals Mining ETF in the 3rd quarter valued at about $76,000. Institutional investors and hedge funds own 1.35% of the company’s stock.

About iShares Copper and Metals Mining ETF

The iShares Copper and Metals Mining ETF (ICOP) is an exchange-traded fund that mostly invests in materials equity. The fund tracks a market-capitalization weighted index composed of stocks of copper and metal ore mining companies globally. Stocks are quantitatively screened to identify stocks with significant revenue tied to this space ICOP was launched on Jun 21, 2023 and is managed by BlackRock.