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

iShares Gold Trust (NYSEARCA:IAU) shares reached a new 52-week high on Thursday . The stock traded as high as $57.71 and last traded at $57.65, with a volume of 2697433 shares traded. The stock had previously closed at $56.92.

iShares Gold Trust Stock Performance

The firm has a market capitalization of $41.21 billion, a PE ratio of -34.13 and a beta of 0.20. The business’s 50 day moving average is $54.48 and its two-hundred day moving average is $51.57.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IAU. Bank of New York Mellon Corp increased its position 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 purchasing an additional 62,195 shares during the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of iShares Gold Trust in the fourth quarter worth about $442,000. Sanchez Wealth Management Group bought a new stake in iShares Gold Trust in the fourth quarter valued at approximately $228,000. JPMorgan Chase & Co. grew its stake in shares of iShares Gold Trust by 9.6% in 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 last quarter. Finally, Independent Family Office LLC increased its holdings in iShares Gold Trust by 4.1% during the 3rd quarter. Independent Family Office LLC now owns 425,857 shares of the exchange traded fund’s stock valued at $21,155,000 after purchasing an additional 16,827 shares during the period. 59.67% of the stock is currently owned by hedge funds and other institutional investors.

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.