Communication Services Select Sector SPDR Fund (NYSEARCA:XLC) Hits New 52-Week High – Time to Buy?

Communication Services Select Sector SPDR Fund (NYSEARCA:XLC) hit a new 52-week high on Monday . The company traded as high as $98.59 and last traded at $98.59, with a volume of 1506 shares trading hands. The stock had previously closed at $98.40.

Communication Services Select Sector SPDR Fund Price Performance

The firm’s fifty day moving average is $93.18 and its two-hundred day moving average is $88.08. The firm has a market cap of $21.89 billion, a price-to-earnings ratio of 29.67 and a beta of 1.15.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in XLC. Envestnet Asset Management Inc. grew its holdings in Communication Services Select Sector SPDR Fund by 2.8% during the second quarter. Envestnet Asset Management Inc. now owns 6,367,437 shares of the company’s stock worth $545,435,000 after acquiring an additional 173,465 shares during the period. LPL Financial LLC grew its stake in shares of Communication Services Select Sector SPDR Fund by 3.3% in the 3rd quarter. LPL Financial LLC now owns 4,691,450 shares of the company’s stock worth $424,107,000 after purchasing an additional 151,698 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Communication Services Select Sector SPDR Fund by 9.5% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,770,938 shares of the company’s stock worth $323,020,000 after purchasing an additional 325,617 shares in the last quarter. Main Management ETF Advisors LLC lifted its stake in Communication Services Select Sector SPDR Fund by 2.5% during the third quarter. Main Management ETF Advisors LLC now owns 2,956,875 shares of the company’s stock valued at $267,302,000 after purchasing an additional 72,420 shares during the last quarter. Finally, State Street Corp boosted its holdings in Communication Services Select Sector SPDR Fund by 226.8% during the third quarter. State Street Corp now owns 2,462,512 shares of the company’s stock worth $222,611,000 after buying an additional 1,709,028 shares in the last quarter.

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.