First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW) Shares Down 0.3% - Should You Sell?

Key Points

• First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW) shares fell by 0.3%, closing at $136.45 with a significant drop in trading volume, indicating a potential lack of investor interest.
• The fund recently declared a quarterly dividend of $0.13 per share, translating to an annualized dividend yield of 0.4%, reflecting a cautious approach during uncertain market conditions.
• Several hedge funds, including Royal Bank of Canada, have increased their stakes in QQEW, suggesting that large investors are still optimistic about the fund's prospects despite recent fluctuations.

Shares of First Trust NASDAQ-100 Equal Weighted Index Fund (NASDAQ:QQEW - Get Free Report) traded down 0.3% during mid-day trading on Friday . The stock traded as low as $136.33 and last traded at $136.45. 41,938 shares traded hands during trading, a decline of 46% from the average session volume of 78,062 shares. The stock had previously closed at $136.82.

First Trust NASDAQ-100 Equal Weighted Index Fund Stock Performance

The firm's 50 day moving average price is $136.28 and its 200-day moving average price is $129.23. The firm has a market capitalization of $1.87 billion, a PE ratio of 27.18 and a beta of 1.05.

First Trust NASDAQ-100 Equal Weighted Index Fund Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Thursday, June 26th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Thursday, June 26th.

Institutional Investors Weigh In On First Trust NASDAQ-100 Equal Weighted Index Fund

Several hedge funds have recently modified their holdings of the company. Per Stirling Capital Management LLC. lifted its stake in First Trust NASDAQ-100 Equal Weighted Index Fund by 2.2% in the 2nd quarter. Per Stirling Capital Management LLC. now owns 3,797 shares of the company's stock worth $518,000 after purchasing an additional 83 shares in the last quarter. Centaurus Financial Inc. lifted its stake in First Trust NASDAQ-100 Equal Weighted Index Fund by 1.6% in the 4th quarter. Centaurus Financial Inc. now owns 5,681 shares of the company's stock worth $710,000 after purchasing an additional 89 shares in the last quarter. Secure Asset Management LLC lifted its stake in First Trust NASDAQ-100 Equal Weighted Index Fund by 0.8% in the 1st quarter. Secure Asset Management LLC now owns 13,665 shares of the company's stock worth $1,653,000 after purchasing an additional 112 shares in the last quarter. Benjamin Edwards Inc. increased its holdings in shares of First Trust NASDAQ-100 Equal Weighted Index Fund by 0.9% during the 1st quarter. Benjamin Edwards Inc. now owns 12,985 shares of the company's stock worth $1,570,000 after buying an additional 118 shares during the last quarter. Finally, Stratos Wealth Partners LTD. increased its holdings in shares of First Trust NASDAQ-100 Equal Weighted Index Fund by 1.1% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 11,005 shares of the company's stock worth $1,502,000 after buying an additional 124 shares during the last quarter.

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.