First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (NASDAQ:GRID) Hits New 1-Year High - Should You Buy?

Key Points

• The First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (NASDAQ:GRID) reached a new 52-week high of $148.36, reflecting a growth of 2.5% on the day.
• The fund has recently increased its quarterly dividend to $0.8347 per share, up from the previous dividend of $0.14, resulting in a yield of 2.3%.
• Institutional investors are actively increasing their stakes, with firms like Bank of America and LPL Financial boosting their holdings significantly in recent quarters.

First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (NASDAQ:GRID - ) shares reached a new 52-week high on Wednesday . The company traded as high as $148.33 and last traded at $148.36, with a volume of 69370 shares traded. The stock had previously closed at $144.32.

First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund Stock Up 2.5%

The firm has a market capitalization of $3.05 billion, a PE ratio of 23.47 and a beta of 1.25. The business has a 50-day moving average price of $142.28 and a 200-day moving average price of $129.06.

First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Thursday, June 26th were issued a dividend of $0.8347 per share. The ex-dividend date was Thursday, June 26th. This represents a $3.34 annualized dividend and a dividend yield of 2.3%. This is a boost from First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund's previous quarterly dividend of $0.14.

Institutional Investors Weigh In On First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE boosted its holdings in First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund by 5.4% in the 2nd quarter. Bank of America Corp DE now owns 1,193,672 shares of the company's stock valued at $165,944,000 after purchasing an additional 61,496 shares during the last quarter. LPL Financial LLC raised its position in First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund by 14.8% in the first quarter. LPL Financial LLC now owns 772,908 shares of the company's stock valued at $87,439,000 after purchasing an additional 99,676 shares during the period. Traphagen Investment Advisors LLC lifted its stake in shares of First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund by 5.4% in the 1st quarter. Traphagen Investment Advisors LLC now owns 345,410 shares of the company's stock valued at $39,076,000 after purchasing an additional 17,678 shares during the last quarter. Raymond James Financial Inc. grew its holdings in shares of First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund by 9.1% during the 2nd quarter. Raymond James Financial Inc. now owns 328,446 shares of the company's stock worth $45,661,000 after purchasing an additional 27,411 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund by 3.7% in the second quarter. Ameriprise Financial Inc. now owns 314,059 shares of the company's stock valued at $43,634,000 after buying an additional 11,313 shares during the last quarter.

About First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund

First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (the Fund) seeks investment results, which correspond to the price and yield (before the Fund's fees and expenses) of an equity index called the NASDAQ OMX Clean Edge Smart Grid Infrastructure Index (the Index). The Fund focuses to invest at least 90% of its net assets in common stocks, which comprises the Index or in depositary receipts, which may include American depositary receipts (ADRs), global depositary receipts (GDRs), European depositary receipts (EDRs) or other depositary receipts (collectively Depositary Receipts) representing securities in the Index.

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