SPDR Gold Shares (NYSEARCA:GLD) Sets New 1-Year High – Still a Buy?

SPDR Gold Shares (NYSEARCA:GLD) reached a new 52-week high on Wednesday . The company traded as high as $280.22 and last traded at $279.96, with a volume of 9405666 shares. The stock had previously closed at $276.73.

SPDR Gold Shares Stock Performance

The stock has a market capitalization of $84.16 billion, a price-to-earnings ratio of -29.30 and a beta of 0.20. The business has a 50-day moving average of $262.46 and a 200-day moving average of $250.30.

Institutional Investors Weigh In On SPDR Gold Shares

Institutional investors have recently modified their holdings of the company. GSA Capital Partners LLP acquired a new position in SPDR Gold Shares during the 3rd quarter worth $564,000. CIBC Asset Management Inc increased its holdings in shares of SPDR Gold Shares by 39.8% in the 3rd quarter. CIBC Asset Management Inc now owns 3,986 shares of the exchange traded fund’s stock valued at $969,000 after acquiring an additional 1,134 shares during the period. Thrivent Financial for Lutherans raised its position in SPDR Gold Shares by 6.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 81,301 shares of the exchange traded fund’s stock valued at $19,762,000 after purchasing an additional 5,111 shares during the last quarter. Quest Partners LLC acquired a new stake in SPDR Gold Shares during the 3rd quarter worth $1,215,000. Finally, Strengthening Families & Communities LLC grew its position in SPDR Gold Shares by 13.8% during the 3rd quarter. Strengthening Families & Communities LLC now owns 1,440 shares of the exchange traded fund’s stock worth $350,000 after purchasing an additional 175 shares during the last quarter. 42.19% of the stock is owned by institutional investors and hedge funds.

About SPDR Gold Shares

SPDR Gold Trust (the Trust) is an investment trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses. The Trust’s business activity is the investment of gold. The Trust creates and redeems Shares from time to time, but in one or more Baskets (a Basket equals a block of 100,000 Shares).