Materials Select Sector SPDR Fund (NYSEARCA:XLB) Sets New 52-Week High – What’s Next?

Materials Select Sector SPDR Fund (NYSEARCA:XLB)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $50.48 and last traded at $50.03, with a volume of 13898793 shares changing hands. The stock had previously closed at $49.97.

Materials Select Sector SPDR Fund Stock Performance

The company’s 50-day moving average is $45.88 and its 200-day moving average is $45.11. The firm has a market cap of $5.91 billion, a price-to-earnings ratio of 24.55 and a beta of 1.03.

Institutional Trading of Materials Select Sector SPDR Fund

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC raised its position in shares of Materials Select Sector SPDR Fund by 27.3% during the first quarter. AQR Capital Management LLC now owns 5,234 shares of the exchange traded fund’s stock worth $450,000 after acquiring an additional 1,123 shares during the last quarter. Empowered Funds LLC bought a new stake in Materials Select Sector SPDR Fund during the 1st quarter worth about $1,217,000. Farther Finance Advisors LLC lifted its position in Materials Select Sector SPDR Fund by 21.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,729 shares of the exchange traded fund’s stock valued at $152,000 after purchasing an additional 303 shares during the period. Perigon Wealth Management LLC boosted its stake in shares of Materials Select Sector SPDR Fund by 7.1% in the 2nd quarter. Perigon Wealth Management LLC now owns 4,293 shares of the exchange traded fund’s stock valued at $377,000 after purchasing an additional 284 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Materials Select Sector SPDR Fund by 16.7% in the 2nd quarter. Janney Montgomery Scott LLC now owns 84,148 shares of the exchange traded fund’s stock valued at $7,389,000 after purchasing an additional 12,049 shares during the last quarter. Institutional investors and hedge funds own 75.78% of the company’s stock.

Materials Select Sector SPDR Fund Company Profile

Materials Select Sector SPDR Fund (the Fund) seeks to provide investment results that correspond generally to the price and yield performance of the Materials Select Sector Index (the Index). The Index includes companies involved in such industries as chemicals; metals and mining; paper and forest products; containers and packaging, and construction materials. The Fund’s investment advisor is SSgA Funds Management, Inc