Materials Select Sector SPDR Fund (NYSEARCA:XLB) Sets New 52-Week High – Still a Buy?

Shares of Materials Select Sector SPDR Fund (NYSEARCA:XLB) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $48.50 and last traded at $48.4410, with a volume of 3526228 shares changing hands. The stock had previously closed at $48.26.

Materials Select Sector SPDR Fund Price Performance

The stock has a market capitalization of $5.97 billion, a P/E ratio of 24.55 and a beta of 1.03. The stock has a fifty day moving average price of $44.57 and a 200 day moving average price of $44.82.

Hedge Funds Weigh In On Materials Select Sector SPDR Fund

A number of large investors have recently modified their holdings of XLB. Farmers & Merchants Trust Co of Chambersburg PA grew its position in shares of Materials Select Sector SPDR Fund by 11.9% in the 2nd quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 21,178 shares of the exchange traded fund’s stock worth $1,860,000 after buying an additional 2,251 shares during the last quarter. Family Legacy Financial Solutions LLC purchased a new stake in shares of Materials Select Sector SPDR Fund in the 2nd quarter worth about $40,000. Biltmore Wealth Management LLC increased its position in shares of Materials Select Sector SPDR Fund by 1.5% during the second quarter. Biltmore Wealth Management LLC now owns 118,527 shares of the exchange traded fund’s stock valued at $10,408,000 after buying an additional 1,733 shares during the period. Lineweaver Wealth Advisors LLC raised its stake in Materials Select Sector SPDR Fund by 4.8% in the second quarter. Lineweaver Wealth Advisors LLC now owns 12,065 shares of the exchange traded fund’s stock worth $1,059,000 after buying an additional 548 shares in the last quarter. Finally, Intelligence Driven Advisers LLC purchased a new stake in Materials Select Sector SPDR Fund in the second quarter worth about $527,000. 75.78% of the stock is currently owned by 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