iShares U.S. Basic Materials ETF (NYSEARCA:IYM) Reaches New 52-Week High – Time to Buy?

Shares of iShares U.S. Basic Materials ETF (NYSEARCA:IYM) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $179.61 and last traded at $178.18, with a volume of 48833 shares traded. The stock had previously closed at $176.53.

iShares U.S. Basic Materials ETF Stock Up 0.7%

The firm has a market capitalization of $1.12 billion, a PE ratio of 22.43 and a beta of 1.07. The company has a 50-day moving average of $159.97 and a 200 day moving average of $151.11.

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

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Legacy Wealth Managment LLC ID bought a new position in shares of iShares U.S. Basic Materials ETF in the 4th quarter worth $36,000. Simplex Trading LLC grew its position in iShares U.S. Basic Materials ETF by 442.0% in the second quarter. Simplex Trading LLC now owns 271 shares of the company’s stock worth $37,000 after acquiring an additional 221 shares in the last quarter. Farther Finance Advisors LLC increased its stake in iShares U.S. Basic Materials ETF by 4,600.0% in the second quarter. Farther Finance Advisors LLC now owns 282 shares of the company’s stock valued at $39,000 after acquiring an additional 276 shares during the last quarter. United Financial Planning Group LLC purchased a new stake in iShares U.S. Basic Materials ETF during the third quarter valued at about $41,000. Finally, Parkside Financial Bank & Trust purchased a new stake in iShares U.S. Basic Materials ETF during the third quarter valued at about $52,000.

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.