Principal U.S. Mega-Cap ETF (NASDAQ:USMC) Sees Large Drop in Short Interest

Principal U.S. Mega-Cap ETF (NASDAQ:USMC) was the recipient of a significant drop in short interest in September. As of September 30th, there was short interest totalling 24,600 shares, a drop of 24.3% from the September 15th total of 32,500 shares. Based on an average daily trading volume, of 68,900 shares, the short-interest ratio is presently 0.4 days.

Institutional Investors Weigh In On Principal U.S. Mega-Cap ETF

Hedge funds have recently made changes to their positions in the company. Blair William & Co. IL purchased a new stake in Principal U.S. Mega-Cap ETF in the 2nd quarter worth approximately $201,000. Laidlaw Wealth Management LLC lifted its position in Principal U.S. Mega-Cap ETF by 9.1% in the 2nd quarter. Laidlaw Wealth Management LLC now owns 9,733 shares of the company’s stock worth $528,000 after buying an additional 809 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in Principal U.S. Mega-Cap ETF in the 1st quarter worth approximately $522,000. Northwestern Mutual Wealth Management Co. lifted its position in Principal U.S. Mega-Cap ETF by 3.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 14,825 shares of the company’s stock worth $804,000 after buying an additional 525 shares in the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in Principal U.S. Mega-Cap ETF in the 1st quarter worth approximately $1,116,000.

Principal U.S. Mega-Cap ETF Stock Performance

Shares of NASDAQ:USMC traded up $0.23 during mid-day trading on Friday, hitting $57.43. The stock had a trading volume of 28,400 shares, compared to its average volume of 77,082. The company has a market cap of $2.56 billion, a PE ratio of 26.66 and a beta of 0.92. Principal U.S. Mega-Cap ETF has a 12-month low of $40.73 and a 12-month high of $57.51. The company’s 50 day moving average is $55.41 and its 200-day moving average is $53.40.

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.