Communication Services Select Sector SPDR Fund (NYSEARCA:XLC) Reaches New 1-Year High – Time to Buy?

Communication Services Select Sector SPDR Fund (NYSEARCA:XLC) hit a new 52-week high during trading on Friday . The stock traded as high as $91.49 and last traded at $91.48, with a volume of 201205 shares traded. The stock had previously closed at $90.62.

Communication Services Select Sector SPDR Fund Stock Up 0.9 %

The company’s 50-day moving average is $88.40 and its two-hundred day moving average is $85.19. The company has a market capitalization of $20.02 billion, a P/E ratio of 29.67 and a beta of 1.15.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. boosted its stake in Communication Services Select Sector SPDR Fund by 2.8% in the second quarter. Envestnet Asset Management Inc. now owns 6,367,437 shares of the company’s stock worth $545,435,000 after buying an additional 173,465 shares in the last quarter. LPL Financial LLC boosted its stake in shares of Communication Services Select Sector SPDR Fund by 2.8% in the 2nd quarter. LPL Financial LLC now owns 4,539,752 shares of the company’s stock valued at $388,875,000 after purchasing an additional 123,531 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of Communication Services Select Sector SPDR Fund by 9.5% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,770,938 shares of the company’s stock valued at $323,020,000 after purchasing an additional 325,617 shares during the last quarter. Main Management ETF Advisors LLC raised its position in Communication Services Select Sector SPDR Fund by 2.6% in the 2nd quarter. Main Management ETF Advisors LLC now owns 2,884,455 shares of the company’s stock worth $247,082,000 after purchasing an additional 72,420 shares during the period. Finally, Meitav Investment House Ltd. lifted its stake in Communication Services Select Sector SPDR Fund by 2.7% in the second quarter. Meitav Investment House Ltd. now owns 1,654,521 shares of the company’s stock worth $141,703,000 after purchasing an additional 42,946 shares during the last quarter.

Communication Services Select Sector SPDR Fund Company Profile

The Communication Services Select Sector SPDR Fund (XLC) is an exchange-traded fund that mostly invests in communication services equity. The fund tracks a market-cap-weighted index of US telecommunication and media & entertainment components of the S&P 500 index. XLC was launched on Jun 18, 2018 and is managed by State Street.