iShares California Muni Bond ETF (NYSEARCA:CMF) Sees Unusually-High Trading Volume – Still a Buy?

iShares California Muni Bond ETF (NYSEARCA:CMF) shares saw strong trading volume on Tuesday. Approximately 2,086,747 shares traded hands during trading, an increase of 217% from the previous session’s volume of 657,699 shares. The stock last traded at $53.6950 and had previously closed at $53.92.

iShares California Muni Bond ETF Stock Up 0.4%

The firm’s 50 day simple moving average is $55.92 and its 200 day simple moving average is $56.76.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Envestnet Asset Management Inc. raised its stake in shares of iShares California Muni Bond ETF by 9.5% during the second quarter. Envestnet Asset Management Inc. now owns 1,118,263 shares of the company’s stock valued at $64,457,000 after purchasing an additional 97,204 shares in the last quarter. Van Hulzen Asset Management LLC raised its position in shares of iShares California Muni Bond ETF by 17.3% during the 2nd quarter. Van Hulzen Asset Management LLC now owns 5,935 shares of the company’s stock worth $342,000 after buying an additional 875 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in shares of iShares California Muni Bond ETF in the 2nd quarter worth approximately $1,959,000. Summit Financial Strategies Inc. bought a new position in shares of iShares California Muni Bond ETF in the second quarter valued at approximately $201,000. Finally, Integrated Wealth Concepts LLC increased its stake in shares of iShares California Muni Bond ETF by 28.7% during the second quarter. Integrated Wealth Concepts LLC now owns 52,445 shares of the company’s stock valued at $3,023,000 after acquiring an additional 11,691 shares during the period.

iShares California Muni Bond ETF Company Profile

iShares California AMT-Free Muni Bond ETF (the Fund), formerly iShares S&P California AMT-Free Municipal Bond Fund, is an exchange-traded fund (ETF). The Fund seeks to track the investment results of the S&P California AMT-Free Municipal Bond Index (the Index), which measures the performance of the investment-grade segment of the California municipal bond market and the components primarily include transportation and utilities companies. The Index is a subset of the S&P National AMT-Free Municipal Bond Index and is consists of municipal bonds issued in the State of California.