Communication Services Select Sector SPDR Fund (NYSEARCA:XLC) Shares Gap Down to $80.84

Shares of Communication Services Select Sector SPDR Fund (NYSEARCA:XLC) gapped down prior to trading on Thursday . The stock had previously closed at $80.84, but opened at $76.64. Communication Services Select Sector SPDR Fund shares last traded at $77.64, with a volume of 3,942,525 shares.

Communication Services Select Sector SPDR Fund Stock Up 2.8 %

The company has a fifty day simple moving average of $80.43 and a 200 day simple moving average of $74.65. The firm has a market capitalization of $17.86 billion, a P/E ratio of 30.32 and a beta of 1.20.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its holdings in shares of Communication Services Select Sector SPDR Fund by 5.2% during the third quarter. JPMorgan Chase & Co. now owns 9,588,311 shares of the company’s stock valued at $628,706,000 after purchasing an additional 471,507 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Communication Services Select Sector SPDR Fund by 12.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 6,192,015 shares of the company’s stock valued at $449,912,000 after purchasing an additional 695,233 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Communication Services Select Sector SPDR Fund by 8.0% during the third quarter. Morgan Stanley now owns 6,137,558 shares of the company’s stock valued at $402,440,000 after purchasing an additional 456,812 shares in the last quarter. CHURCHILL MANAGEMENT Corp increased its position in Communication Services Select Sector SPDR Fund by 4.2% during the first quarter. CHURCHILL MANAGEMENT Corp now owns 4,951,567 shares of the company’s stock valued at $404,345,000 after acquiring an additional 197,668 shares during the last quarter. Finally, Raymond James & Associates increased its position in Communication Services Select Sector SPDR Fund by 11.0% during the fourth quarter. Raymond James & Associates now owns 4,893,010 shares of the company’s stock valued at $355,526,000 after acquiring an additional 483,705 shares during the last quarter.

Communication Services Select Sector SPDR Fund Company Profile

The Communication Services Select Sector SPDR Fund (XLC) is an exchange-traded fund that mostly invests in communication services equity. The fund tracks a market-cap-weighted index of US telecommunication and media & entertainment components of the S&P 500 index. XLC was launched on Jun 18, 2018 and is managed by State Street.