iShares Gold Trust (NYSEARCA:IAU) Reaches New 1-Year High – Time to Buy?

iShares Gold Trust (NYSEARCA:IAU) reached a new 52-week high during trading on Wednesday . The stock traded as high as $62.60 and last traded at $62.33, with a volume of 3184997 shares changing hands. The stock had previously closed at $60.94.

iShares Gold Trust Price Performance

The business’s 50-day moving average price is $56.45 and its 200 day moving average price is $52.62. The firm has a market capitalization of $45.34 billion, a price-to-earnings ratio of -35.73 and a beta of 0.17.

Hedge Funds Weigh In On iShares Gold Trust

Large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its position in 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 purchasing an additional 62,195 shares during the period. Strategic Financial Concepts LLC acquired a new position in iShares Gold Trust in the fourth quarter worth approximately $442,000. Sanchez Wealth Management Group purchased a new stake in iShares Gold Trust during the fourth quarter valued at about $228,000. JPMorgan Chase & Co. boosted its holdings in shares of iShares Gold Trust by 9.6% during the third quarter. JPMorgan Chase & Co. now owns 11,217,258 shares of the exchange traded fund’s stock worth $557,498,000 after purchasing an additional 981,362 shares during the period. Finally, Silverleafe Capital Partners LLC increased its stake 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 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.