iShares U.S. Basic Materials ETF (NYSEARCA:IYM) Reaches New 1-Year High – Here’s Why

iShares U.S. Basic Materials ETF (NYSEARCA:IYM) hit a new 52-week high during trading on Thursday . The company traded as high as $153.04 and last traded at $152.83, with a volume of 528 shares changing hands. The stock had previously closed at $152.30.

iShares U.S. Basic Materials ETF Trading Up 0.5 %

The stock has a market cap of $704.95 million, a P/E ratio of 13.76 and a beta of 0.87. The firm has a 50-day simple moving average of $145.63 and a two-hundred day simple moving average of $143.90.

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

A number of hedge funds have recently bought and sold shares of IYM. CWM LLC boosted its stake in shares of iShares U.S. Basic Materials ETF by 15.3% in the third quarter. CWM LLC now owns 724 shares of the company’s stock valued at $109,000 after buying an additional 96 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of iShares U.S. Basic Materials ETF during the 2nd quarter valued at $746,000. NewEdge Advisors LLC increased its position in shares of iShares U.S. Basic Materials ETF by 1,626.1% in the second quarter. NewEdge Advisors LLC now owns 14,413 shares of the company’s stock worth $2,018,000 after purchasing an additional 13,578 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of iShares U.S. Basic Materials ETF by 1.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 65,029 shares of the company’s stock worth $9,105,000 after purchasing an additional 1,001 shares during the period. Finally, The Manufacturers Life Insurance Company acquired a new position in iShares U.S. Basic Materials ETF in the second quarter valued at about $43,121,000.

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.