Principal U.S. Mega-Cap ETF (NASDAQ:USMC) Hits New 1-Year High – Here’s Why

Principal U.S. Mega-Cap ETF (NASDAQ:USMC)’s share price hit a new 52-week high on Wednesday . The company traded as high as $70.00 and last traded at $70.00, with a volume of 301 shares changing hands. The stock had previously closed at $57.11.

Principal U.S. Mega-Cap ETF Price Performance

The stock has a market cap of $2.57 billion, a PE ratio of 26.66 and a beta of 0.92. The stock has a 50-day moving average price of $56.54 and a two-hundred day moving average price of $54.27.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its position in Principal U.S. Mega-Cap ETF by 0.3% in the second quarter. Principal Financial Group Inc. now owns 35,222,823 shares of the company’s stock worth $1,906,413,000 after acquiring an additional 120,831 shares in the last quarter. Principal Securities Inc. grew its position in Principal U.S. Mega-Cap ETF by 2.0% in the third quarter. Principal Securities Inc. now owns 4,411,268 shares of the company’s stock worth $251,398,000 after acquiring an additional 86,008 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Principal U.S. Mega-Cap ETF by 14.4% in the second quarter. Envestnet Asset Management Inc. now owns 4,211,701 shares of the company’s stock worth $228,485,000 after acquiring an additional 529,078 shares in the last quarter. O Brien Wealth Partners LLC lifted its stake in Principal U.S. Mega-Cap ETF by 132.9% in the third quarter. O Brien Wealth Partners LLC now owns 830,932 shares of the company’s stock worth $47,355,000 after purchasing an additional 474,173 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in Principal U.S. Mega-Cap ETF by 0.8% in the second quarter. NewEdge Advisors LLC now owns 276,080 shares of the company’s stock worth $14,977,000 after purchasing an additional 2,204 shares during the last quarter.

Principal U.S. Mega-Cap ETF Company Profile

The Principal U.S. Mega-Cap ETF (USMC) is an exchange-traded fund that mostly invests in large cap equity. The fund is actively managed to offer exposure to the largest of the US large-cap segment. The fund uses a proprietary, quantitative model to construct the portfolio. USMC was launched on Oct 12, 2017 and is managed by Principal.