Invesco Aerospace & Defense ETF (NYSEARCA:PPA) Sets New 52-Week High – Here’s Why

Invesco Aerospace & Defense ETF (NYSEARCA:PPA)’s share price hit a new 52-week high on Wednesday . The stock traded as high as $120.89 and last traded at $120.08, with a volume of 25193 shares. The stock had previously closed at $116.36.

Invesco Aerospace & Defense ETF Stock Up 3.3 %

The company has a market cap of $3.75 billion, a P/E ratio of 33.87 and a beta of 0.73. The firm’s 50 day moving average is $114.50 and its two-hundred day moving average is $108.33.

Hedge Funds Weigh In On Invesco Aerospace & Defense ETF

Several hedge funds and other institutional investors have recently bought and sold shares of PPA. Beacon Capital Management LLC lifted its holdings in Invesco Aerospace & Defense ETF by 31.6% in the first quarter. Beacon Capital Management LLC now owns 416 shares of the company’s stock valued at $42,000 after buying an additional 100 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Invesco Aerospace & Defense ETF in the second quarter valued at $42,000. Eastern Bank acquired a new position in Invesco Aerospace & Defense ETF in the third quarter valued at $46,000. EverSource Wealth Advisors LLC acquired a new position in Invesco Aerospace & Defense ETF in the first quarter valued at $54,000. Finally, Assetmark Inc. acquired a new position in Invesco Aerospace & Defense ETF in the third quarter valued at $54,000.

About Invesco Aerospace & Defense ETF

PowerShares Aerospace & Defense Portfolio (Fund) seeks investment results that correspond generally to the price and yield of the SPADE Defense Index (the Index). The Index is designed to identify a group of companies involved in the development, manufacturing, operations and support of the United States defense, homeland security and aerospace operations.