Communication Services Select Sector SPDR Fund (NYSEARCA:XLC) Reaches New 1-Year High – Here’s Why

Communication Services Select Sector SPDR Fund (NYSEARCA:XLC)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $119.63 and last traded at $118.1720, with a volume of 3106570 shares changing hands. The stock had previously closed at $116.75.

Communication Services Select Sector SPDR Fund Trading Up 0.2%

The business has a 50-day moving average price of $116.59 and a 200-day moving average price of $114.11. The stock has a market cap of $27.87 billion, a PE ratio of 19.19 and a beta of 1.02.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Meitav Investment House Ltd. raised its position in Communication Services Select Sector SPDR Fund by 67.9% in the second quarter. Meitav Investment House Ltd. now owns 1,205,556 shares of the company’s stock valued at $130,862,000 after purchasing an additional 487,543 shares during the period. DAVENPORT & Co LLC grew its stake in shares of Communication Services Select Sector SPDR Fund by 44.1% in the second quarter. DAVENPORT & Co LLC now owns 168,062 shares of the company’s stock valued at $18,240,000 after buying an additional 51,437 shares in the last quarter. QRG Capital Management Inc. raised its holdings in shares of Communication Services Select Sector SPDR Fund by 8.6% in the 2nd quarter. QRG Capital Management Inc. now owns 9,051 shares of the company’s stock valued at $982,000 after buying an additional 720 shares during the period. Ameritas Advisory Services LLC acquired a new position in Communication Services Select Sector SPDR Fund during the 2nd quarter worth about $113,000. Finally, Simplicity Wealth LLC boosted its holdings in Communication Services Select Sector SPDR Fund by 82.1% during the 2nd quarter. Simplicity Wealth LLC now owns 48,489 shares of the company’s stock valued at $5,262,000 after acquiring an additional 21,859 shares during the period.

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.