Alerian MLP ETF (NYSEARCA:AMLP) Hits New 52-Week High – Still a Buy?

Alerian MLP ETF (NYSEARCA:AMLP) shares hit a new 52-week high on Tuesday . The company traded as high as $55.66 and last traded at $55.63, with a volume of 952223 shares traded. The stock had previously closed at $55.05.

Alerian MLP ETF Stock Down 0.2%

The business’s 50 day simple moving average is $53.11 and its 200 day simple moving average is $52.54. The stock has a market cap of $12.82 billion, a price-to-earnings ratio of 14.17 and a beta of 0.50.

Hedge Funds Weigh In On Alerian MLP ETF

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE raised its stake in Alerian MLP ETF by 0.7% in the second quarter. Bank of America Corp DE now owns 8,453,389 shares of the exchange traded fund’s stock valued at $413,033,000 after buying an additional 54,835 shares during the period. Allen Investment Management LLC increased its holdings in shares of Alerian MLP ETF by 6.8% during the 1st quarter. Allen Investment Management LLC now owns 4,005,535 shares of the exchange traded fund’s stock worth $210,851,000 after acquiring an additional 254,444 shares during the last quarter. Raymond James Financial Inc. increased its holdings in shares of Alerian MLP ETF by 5.9% during the 2nd quarter. Raymond James Financial Inc. now owns 2,715,784 shares of the exchange traded fund’s stock worth $132,693,000 after acquiring an additional 152,451 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Alerian MLP ETF by 6.8% during the 1st quarter. Royal Bank of Canada now owns 2,414,295 shares of the exchange traded fund’s stock worth $127,088,000 after acquiring an additional 154,146 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Alerian MLP ETF by 19.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,634,868 shares of the exchange traded fund’s stock valued at $79,886,000 after acquiring an additional 262,817 shares during the period.

About Alerian MLP ETF

ALERIAN MLP ETF seeks investment results that correspond (before fees and expenses) to the price and yield performance of its underlying index, the Alerian MLP Infrastructure Index (the Index). The Index is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the United States energy infrastructure Master Limited Partnership (MLP) asset class. The Index is comprised of 25 energy infrastructure MLPs. The fund will invest at least 90% of its total assets in securities, which comprise the Index (or depositary receipts based on such securities).