Investors seeking momentum may have iShares U.S. Home Construction ETF (ITB - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of ITB are up approximately 138.3% from their 52-week low of $29.90/share.
But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.
ITB in Focus
The underlying Dow Jones U.S. Select Home Builders Index is a subset of the Dow Jones U.S. Household Goods Index. It is a free-float adjusted market capitalization-weighted index. It measures the performance of the home construction sector of the U.S. equity market.The expense ratio is 0.42% (see all industrials ETFs here).
Why the move?
New home sales increased 8.2% year over year in February and existing homes sales were also up 9.1%, suggesting robust times for the homebuilding industry. Plus, rates have fallen last week. Both factors have boosted the demand for homebuilding ETFs like ITB.
More Gains Ahead?
The fund has a positive weighted alpha of 108.35. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Investors seeking momentum may have iShares U.S. Home Construction ETF (ITB - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of ITB are up approximately 138.3% from their 52-week low of $29.90/share.
But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.
ITB in Focus
The underlying Dow Jones U.S. Select Home Builders Index is a subset of the Dow Jones U.S. Household Goods Index. It is a free-float adjusted market capitalization-weighted index. It measures the performance of the home construction sector of the U.S. equity market.The expense ratio is 0.42% (see all industrials ETFs here).
Why the move?
New home sales increased 8.2% year over year in February and existing homes sales were also up 9.1%, suggesting robust times for the homebuilding industry. Plus, rates have fallen last week. Both factors have boosted the demand for homebuilding ETFs like ITB.
More Gains Ahead?
The fund has a positive weighted alpha of 108.35. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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