Invesco S&P 500 Equal Weight ETF (NYSEARCA:RSP) Sets New 1-Year High – Should You Buy?

Invesco S&P 500 Equal Weight ETF (NYSEARCA:RSP) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $205.51 and last traded at $204.55, with a volume of 7143732 shares. The stock had previously closed at $203.24.

Invesco S&P 500 Equal Weight ETF Stock Performance

The firm has a market capitalization of $88.05 billion, a PE ratio of 20.10 and a beta of 0.92. The company has a fifty day moving average price of $197.95 and a 200-day moving average price of $195.42.

Institutional Trading of Invesco S&P 500 Equal Weight ETF

Several hedge funds have recently modified their holdings of the company. Morgan Stanley raised its holdings in Invesco S&P 500 Equal Weight ETF by 7.9% during the 4th quarter. Morgan Stanley now owns 31,346,217 shares of the company’s stock valued at $6,004,682,000 after buying an additional 2,285,526 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in Invesco S&P 500 Equal Weight ETF by 3.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 26,252,217 shares of the company’s stock valued at $5,028,875,000 after buying an additional 959,176 shares during the period. Invesco Ltd. raised its holdings in Invesco S&P 500 Equal Weight ETF by 4.6% during the 4th quarter. Invesco Ltd. now owns 10,144,784 shares of the company’s stock valued at $1,943,335,000 after buying an additional 444,846 shares during the period. State of Wisconsin Investment Board raised its holdings in Invesco S&P 500 Equal Weight ETF by 14.3% during the 4th quarter. State of Wisconsin Investment Board now owns 8,485,519 shares of the company’s stock valued at $1,625,486,000 after buying an additional 1,060,181 shares during the period. Finally, LPL Financial LLC raised its holdings in Invesco S&P 500 Equal Weight ETF by 7.1% during the 4th quarter. LPL Financial LLC now owns 5,486,948 shares of the company’s stock valued at $1,051,080,000 after buying an additional 362,412 shares during the period. 61.18% of the stock is owned by hedge funds and other institutional investors.

About Invesco S&P 500 Equal Weight ETF

Guggenheim S&P 500 Equal Weight ETF, formerly Rydex S&P 500 Equal Weight ETF, seeks to replicate as closely as possible, the daily performance of the S&P 500 Equal Weight Index (the Index). The Index is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the United States markets (mostly NYSE Euronext issues). The Index utilizes quarterly rebalancing to maintain its equal-weight stance. Under normal circumstances, the Fund will invest at least 90% of its net assets, plus any borrowing for investment purposes, in the equity securities (and derivatives thereof) included in the Index.