Principal U.S. Mega-Cap ETF (NASDAQ:USMC) Hits New 52-Week High – What’s Next?

Principal U.S. Mega-Cap ETF (NASDAQ:USMC) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $57.21 and last traded at $57.21, with a volume of 8327 shares traded. The stock had previously closed at $56.97.

Principal U.S. Mega-Cap ETF Stock Up 0.4 %

The stock has a 50 day moving average price of $55.17 and a 200 day moving average price of $53.29. The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of 26.66 and a beta of 0.92.

Hedge Funds Weigh In On Principal U.S. Mega-Cap ETF

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. raised its position in shares of Principal U.S. Mega-Cap ETF by 3.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 14,825 shares of the company’s stock worth $804,000 after acquiring an additional 525 shares during the last quarter. NewEdge Advisors LLC raised its holdings in Principal U.S. Mega-Cap ETF by 0.8% during the 2nd 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. Blair William & Co. IL acquired a new position in shares of Principal U.S. Mega-Cap ETF in the 2nd quarter worth approximately $201,000. Envestnet Asset Management Inc. boosted its stake in shares of Principal U.S. Mega-Cap ETF by 14.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 4,211,701 shares of the company’s stock valued at $228,485,000 after purchasing an additional 529,078 shares during the last quarter. Finally, Laidlaw Wealth Management LLC increased its position in shares of Principal U.S. Mega-Cap ETF by 9.1% during the second quarter. Laidlaw Wealth Management LLC now owns 9,733 shares of the company’s stock worth $528,000 after buying an additional 809 shares during the period.

About Principal U.S. Mega-Cap ETF

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.