Materials Select Sector SPDR Fund (NYSEARCA:XLB) Hits New 52-Week High – Should You Buy?

Materials Select Sector SPDR Fund (NYSEARCA:XLB)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $46.59 and last traded at $46.4180, with a volume of 3772350 shares trading hands. The stock had previously closed at $46.12.

Materials Select Sector SPDR Fund Price Performance

The company has a market capitalization of $5.52 billion, a P/E ratio of 24.55 and a beta of 1.03. The company has a 50 day moving average of $44.21 and a 200-day moving average of $44.68.

Hedge Funds Weigh In On Materials Select Sector SPDR Fund

Several hedge funds have recently made changes to their positions in the business. Ally Invest Advisors Inc. lifted its stake in Materials Select Sector SPDR Fund by 3.9% in the second quarter. Ally Invest Advisors Inc. now owns 2,922 shares of the exchange traded fund’s stock worth $257,000 after acquiring an additional 110 shares during the period. St. Johns Investment Management Company LLC raised its holdings in Materials Select Sector SPDR Fund by 3.6% in the 3rd quarter. St. Johns Investment Management Company LLC now owns 3,299 shares of the exchange traded fund’s stock worth $296,000 after purchasing an additional 115 shares in the last quarter. Chemistry Wealth Management LLC lifted its position in shares of Materials Select Sector SPDR Fund by 3.6% in the 2nd quarter. Chemistry Wealth Management LLC now owns 3,327 shares of the exchange traded fund’s stock worth $292,000 after purchasing an additional 116 shares during the period. Ellis Investment Partners LLC lifted its position in shares of Materials Select Sector SPDR Fund by 2.5% in the 3rd quarter. Ellis Investment Partners LLC now owns 4,712 shares of the exchange traded fund’s stock worth $422,000 after purchasing an additional 117 shares during the period. Finally, Global Financial Private Client LLC boosted its stake in shares of Materials Select Sector SPDR Fund by 1.8% during the 2nd quarter. Global Financial Private Client LLC now owns 6,622 shares of the exchange traded fund’s stock valued at $581,000 after purchasing an additional 119 shares in the last quarter. 75.78% of the stock is owned by hedge funds and other institutional investors.

About Materials Select Sector SPDR Fund

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