Principal U.S. Mega-Cap ETF (NASDAQ:USMC) Hits New 1-Year High – Here’s Why

Principal U.S. Mega-Cap ETF (NASDAQ:USMC)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $70.00 and last traded at $70.00, with a volume of 301 shares. The stock had previously closed at $57.11.

Principal U.S. Mega-Cap ETF Stock Performance

The stock has a fifty day moving average of $56.54 and a 200 day moving average of $54.27. The company has a market capitalization of $2.57 billion, a P/E ratio of 26.66 and a beta of 0.92.

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

Institutional investors have recently bought and sold shares of the business. Raymond James & Associates increased its stake in Principal U.S. Mega-Cap ETF by 3.8% in the 2nd quarter. Raymond James & Associates now owns 244,868 shares of the company’s stock worth $13,284,000 after buying an additional 8,872 shares in the last quarter. Envestnet Asset Management Inc. grew its position in shares of Principal U.S. Mega-Cap ETF by 14.4% during the second 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 in the last quarter. Jackson Wealth Management LLC grew its position in shares of Principal U.S. Mega-Cap ETF by 64.0% during the third quarter. Jackson Wealth Management LLC now owns 78,721 shares of the company’s stock valued at $4,486,000 after purchasing an additional 30,714 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Principal U.S. Mega-Cap ETF during the first quarter valued at about $1,116,000. Finally, Silver Oak Securities Incorporated purchased a new position in shares of Principal U.S. Mega-Cap ETF during the third quarter valued at about $783,000.

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.