Communication Services Select Sector SPDR Fund (NYSEARCA:XLC) Sets New 52-Week High – Here’s What Happened

Communication Services Select Sector SPDR Fund (NYSEARCA:XLC) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $97.24 and last traded at $97.16, with a volume of 223896 shares changing hands. The stock had previously closed at $96.72.

Communication Services Select Sector SPDR Fund Price Performance

The stock’s 50 day moving average is $89.91 and its two-hundred day moving average is $86.33. The stock has a market capitalization of $21.15 billion, a PE ratio of 29.67 and a beta of 1.15.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Envestnet Asset Management Inc. raised its holdings in Communication Services Select Sector SPDR Fund by 2.8% during the second quarter. Envestnet Asset Management Inc. now owns 6,367,437 shares of the company’s stock worth $545,435,000 after purchasing an additional 173,465 shares in the last quarter. LPL Financial LLC boosted its stake in Communication Services Select Sector SPDR Fund by 3.3% in the third quarter. LPL Financial LLC now owns 4,691,450 shares of the company’s stock valued at $424,107,000 after acquiring an additional 151,698 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 second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,770,938 shares of the company’s stock worth $323,020,000 after purchasing an additional 325,617 shares during the last quarter. Main Management ETF Advisors LLC lifted its holdings in shares of 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 valued at $247,082,000 after purchasing an additional 72,420 shares during the last quarter. Finally, Meitav Investment House Ltd. grew its stake in Communication Services Select Sector SPDR Fund by 2.7% during the 2nd quarter. Meitav Investment House Ltd. now owns 1,654,521 shares of the company’s stock worth $141,703,000 after buying an additional 42,946 shares during the last quarter.

About Communication Services Select Sector SPDR Fund

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.