iShares Gold Trust (NYSEARCA:IAU) Sees Strong Trading Volume – Here’s What Happened

Shares of iShares Gold Trust (NYSEARCA:IAU) saw strong trading volume on Monday . 8,767,691 shares changed hands during mid-day trading, an increase of 43% from the previous session’s volume of 6,138,679 shares.The stock last traded at $60.51 and had previously closed at $60.96.

iShares Gold Trust Trading Down 0.7 %

The company has a market capitalization of $43.75 billion, a price-to-earnings ratio of -35.73 and a beta of 0.17. The business’s 50 day moving average price is $56.18 and its two-hundred day moving average price is $52.49.

Institutional Investors Weigh In On iShares Gold Trust

Several hedge funds have recently modified their holdings of IAU. Bank of New York Mellon Corp lifted its stake in shares of iShares Gold Trust by 5.8% in the fourth quarter. Bank of New York Mellon Corp now owns 1,136,328 shares of the exchange traded fund’s stock worth $56,260,000 after acquiring an additional 62,195 shares during the period. Strategic Financial Concepts LLC purchased a new stake in iShares Gold Trust in the fourth quarter worth about $442,000. Sanchez Wealth Management Group purchased a new stake in iShares Gold Trust during the fourth quarter valued at approximately $228,000. JPMorgan Chase & Co. increased its stake in iShares Gold Trust by 9.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,217,258 shares of the exchange traded fund’s stock worth $557,498,000 after acquiring an additional 981,362 shares during the last quarter. Finally, Silverleafe Capital Partners LLC boosted its position in iShares Gold Trust by 0.4% in the 4th quarter. Silverleafe Capital Partners LLC now owns 188,431 shares of the exchange traded fund’s stock valued at $9,329,000 after buying an additional 689 shares during the period. Institutional investors and hedge funds own 59.67% of the company’s stock.

iShares Gold Trust Company Profile

iShares Gold Trust (the Trust) is to own gold transferred to the Trust in exchange for shares issued by the Trust (Shares). Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist of gold held by the Trust’s custodian on behalf of the Trust.