Utilities Select Sector SPDR Fund (NYSEARCA:XLU) Reaches New 1-Year High – Time to Buy?

Shares of Utilities Select Sector SPDR Fund (NYSEARCA:XLU) reached a new 52-week high on Tuesday . The company traded as high as $47.08 and last traded at $46.7310, with a volume of 4256311 shares changing hands. The stock had previously closed at $46.50.

Utilities Select Sector SPDR Fund Price Performance

The firm has a market cap of $23.87 billion, a P/E ratio of 20.74 and a beta of 0.59. The company’s 50-day simple moving average is $43.17 and its 200 day simple moving average is $43.57.

Hedge Funds Weigh In On Utilities Select Sector SPDR Fund

Institutional investors and hedge funds have recently modified their holdings of the stock. Morgan Stanley boosted its stake in Utilities Select Sector SPDR Fund by 92.6% during the fourth quarter. Morgan Stanley now owns 21,694,396 shares of the exchange traded fund’s stock worth $926,134,000 after buying an additional 10,429,314 shares during the period. LPL Financial LLC lifted its holdings in shares of Utilities Select Sector SPDR Fund by 106.2% in the 4th quarter. LPL Financial LLC now owns 15,178,321 shares of the exchange traded fund’s stock worth $647,962,000 after acquiring an additional 7,817,477 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of Utilities Select Sector SPDR Fund by 410.1% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 9,052,676 shares of the exchange traded fund’s stock worth $386,459,000 after purchasing an additional 7,277,976 shares during the period. Wells Fargo & Company MN grew its holdings in Utilities Select Sector SPDR Fund by 126.3% during the 4th quarter. Wells Fargo & Company MN now owns 12,732,033 shares of the exchange traded fund’s stock valued at $543,531,000 after purchasing an additional 7,106,976 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Utilities Select Sector SPDR Fund by 103.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 9,087,078 shares of the exchange traded fund’s stock valued at $742,051,000 after purchasing an additional 4,610,697 shares during the last quarter. Hedge funds and other institutional investors own 90.06% of the company’s stock.

About Utilities Select Sector SPDR Fund

Select Sector Utilities Select Sector SPDR Fund (the Fund), formerly Utilities Select Sector SPDR Fund, seeks to provide investment results that correspond to the price and yield performance of the Utilities Select Sector of the S&P 500 Index (the Index). The Index includes companies from industries, such as electric utilities, multi-utilities, independent power producers and energy traders, and gas utilities. The Fund utilizes a passive or indexing investment approach to attempt to approximate the investment performance of the Index.