Materials Select Sector SPDR Fund (NYSEARCA:XLB) Stock Crosses Above 50-Day Moving Average – Here’s What Happened

Materials Select Sector SPDR Fund (NYSEARCA:XLB)’s stock price passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $50.97 and traded as high as $50.97. Materials Select Sector SPDR Fund shares last traded at $50.29, with a volume of 10,924,351 shares.

Materials Select Sector SPDR Fund Stock Down 1.0%

The business’s fifty day moving average is $50.97 and its 200-day moving average is $50.78. The company has a market cap of $8.36 billion, a PE ratio of 24.55 and a beta of 0.92.

Institutional Investors Weigh In On Materials Select Sector SPDR Fund

A number of hedge funds have recently modified their holdings of the business. Bank of America Corp DE raised its holdings in Materials Select Sector SPDR Fund by 1.0% in the 1st quarter. Bank of America Corp DE now owns 9,756,100 shares of the exchange traded fund’s stock worth $487,512,000 after purchasing an additional 93,372 shares during the period. Morgan Stanley grew its holdings in Materials Select Sector SPDR Fund by 112.6% during the fourth quarter. Morgan Stanley now owns 7,499,014 shares of the exchange traded fund’s stock valued at $340,080,000 after purchasing an additional 3,972,016 shares during the period. Goldman Sachs Group Inc. increased its position in Materials Select Sector SPDR Fund by 99.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 5,210,960 shares of the exchange traded fund’s stock worth $236,317,000 after buying an additional 2,601,880 shares in the last quarter. Royal Bank of Canada increased its position in Materials Select Sector SPDR Fund by 211.3% in the first quarter. Royal Bank of Canada now owns 2,442,259 shares of the exchange traded fund’s stock worth $122,040,000 after buying an additional 1,657,671 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Materials Select Sector SPDR Fund by 97.4% in the fourth quarter. Wells Fargo & Company MN now owns 2,407,870 shares of the exchange traded fund’s stock worth $109,197,000 after buying an additional 1,188,168 shares during the period. Institutional investors own 75.78% of the company’s stock.

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