Iron Gate Global Advisors LLC Grows Stock Holdings in Invesco QQQ $QQQ

Key Points

• Iron Gate Global Advisors LLC increased its stake in Invesco QQQ by 30.6% in Q1, owning 7,734 shares worth approximately $3.63 million.
• Other institutional investors have shown interest as well, with Alpine Bank Wealth Management and Westend Capital Management both acquiring new positions in Invesco QQQ during the same quarter.
• Invesco QQQ recently declared a quarterly dividend of $0.5911 per share, translating to an annualized rate of $2.36 and a yield of 0.4%.

Iron Gate Global Advisors LLC raised its holdings in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 30.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,734 shares of the exchange traded fund's stock after acquiring an additional 1,810 shares during the quarter. Invesco QQQ makes up about 0.5% of Iron Gate Global Advisors LLC's investment portfolio, making the stock its 24th biggest position. Iron Gate Global Advisors LLC's holdings in Invesco QQQ were worth $3,632,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Alpine Bank Wealth Management purchased a new position in Invesco QQQ in the first quarter worth about $50,000. Westend Capital Management LLC bought a new position in Invesco QQQ in the first quarter worth approximately $51,000. Blume Capital Management Inc. increased its position in shares of Invesco QQQ by 105.0% during the first quarter. Blume Capital Management Inc. now owns 121 shares of the exchange traded fund's stock worth $57,000 after purchasing an additional 2,536 shares in the last quarter. Atlantic Private Wealth LLC raised its stake in Invesco QQQ by 3,000.0% in the 1st quarter. Atlantic Private Wealth LLC now owns 124 shares of the exchange traded fund's stock worth $58,000 after acquiring an additional 120 shares during the last quarter. Finally, Putney Financial Group LLC purchased a new position in Invesco QQQ in the 4th quarter worth $67,000. 44.58% of the stock is owned by institutional investors.

Invesco QQQ Price Performance

QQQ traded up $2.58 during midday trading on Friday, hitting $586.66. 50,702,733 shares of the company were exchanged, compared to its average volume of 46,804,284. Invesco QQQ has a 1-year low of $402.39 and a 1-year high of $587.86. The company's 50 day simple moving average is $568.24 and its 200 day simple moving average is $520.50.

Invesco QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 23rd were given a dividend of $0.5911 per share. The ex-dividend date was Monday, June 23rd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.4%.

About Invesco QQQ

PowerShares QQQ Trust, Series 1 is a unit investment trust that issues securities called Nasdaq-100 Index Tracking Stock. The Trust's investment objective is to provide investment results that generally correspond to the price and yield performance of the Nasdaq-100 Index. The Trust provides investors with the opportunity to purchase units of beneficial interest in the Trust representing proportionate undivided interests in the portfolio of securities held by the Trust, which consists of substantially all of the securities, in substantially the same weighting, as the component securities of the Nasdaq-100 Index.