First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW) Reaches New 1-Year High - Time to Buy?

Key Points

• The First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW) reached a new 52-week high at $143.95 during trading, reflecting a modest increase from its previous close of $142.79.
• The fund recently announced a quarterly dividend of $0.1077 per share, translating to an annualized dividend of $0.43 and a yield of 0.3%.
• Several institutional investors and hedge funds have increased their stakes in QQEW, with significant new positions being established during the first and second quarters of the year.

First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW - ) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $143.95 and last traded at $143.75, with a volume of 1621 shares changing hands. The stock had previously closed at $142.79.

First Trust NASDAQ-100 Equal Weighted Index Fund Stock Up 0.6%

The company has a market cap of $1.94 billion, a PE ratio of 27.18 and a beta of 1.05. The firm's fifty day simple moving average is $137.61 and its 200-day simple moving average is $131.28.

First Trust NASDAQ-100 Equal Weighted Index Fund Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Thursday, September 25th were paid a dividend of $0.1077 per share. The ex-dividend date of this dividend was Thursday, September 25th. This represents a $0.43 annualized dividend and a dividend yield of 0.3%.

Hedge Funds Weigh In On First Trust NASDAQ-100 Equal Weighted Index Fund

Several institutional investors and hedge funds have recently modified their holdings of QQEW. Pineridge Advisors LLC purchased a new position in First Trust NASDAQ-100 Equal Weighted Index Fund during the first quarter worth approximately $32,000. MTM Investment Management LLC purchased a new position in First Trust NASDAQ-100 Equal Weighted Index Fund during the second quarter worth approximately $41,000. Hughes Financial Services LLC purchased a new position in First Trust NASDAQ-100 Equal Weighted Index Fund during the first quarter worth approximately $66,000. Ameritas Advisory Services LLC purchased a new position in First Trust NASDAQ-100 Equal Weighted Index Fund during the second quarter worth approximately $74,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in First Trust NASDAQ-100 Equal Weighted Index Fund during the second quarter worth approximately $85,000.

About First Trust NASDAQ-100 Equal Weighted Index Fund

The First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW) is an exchange-traded fund that is based on the NASDAQ-100 Equally Weighted index. The fund tracks an equal-weighted version of the NASDAQ 100. QQEW was launched on Apr 19, 2006 and is managed by First Trust.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.