Beam Wealth Advisors Inc. Trims Stake in Fidelity Magellan ETF $FMAG

Beam Wealth Advisors Inc. cut its position in Fidelity Magellan ETF (BATS:FMAG) by 32.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 75,728 shares of the company’s stock after selling 35,889 shares during the quarter. Beam Wealth Advisors Inc. owned approximately 1.03% of Fidelity Magellan ETF worth $2,395,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN boosted its holdings in shares of Fidelity Magellan ETF by 5.0% in the fourth quarter. Wells Fargo & Company MN now owns 984,395 shares of the company’s stock valued at $33,597,000 after acquiring an additional 47,079 shares during the period. Arkadios Wealth Advisors increased its holdings in shares of Fidelity Magellan ETF by 19.8% in the 4th quarter. Arkadios Wealth Advisors now owns 193,151 shares of the company’s stock valued at $6,592,000 after acquiring an additional 31,950 shares during the period. Arax Advisory Partners acquired a new position in shares of Fidelity Magellan ETF in the 4th quarter valued at $512,000. UBS Group AG raised its position in Fidelity Magellan ETF by 23.8% in the 4th quarter. UBS Group AG now owns 64,861 shares of the company’s stock valued at $2,214,000 after purchasing an additional 12,467 shares during the last quarter. Finally, Bank of America Corp DE purchased a new stake in Fidelity Magellan ETF in the 2nd quarter valued at $310,000.

Fidelity Magellan ETF Price Performance

Shares of BATS:FMAG opened at $35.97 on Thursday. Fidelity Magellan ETF has a 1-year low of $30.49 and a 1-year high of $37.19. The stock has a market cap of $265.46 million, a P/E ratio of 34.77 and a beta of 1.13. The firm has a fifty day moving average price of $36.15 and a 200 day moving average price of $34.61.

Fidelity Magellan ETF Company Profile

The Fidelity Magellan ETF (FMAG) is an exchange-traded fund that is based on the S&P 500 TR USD index. The fund is an actively-managed, non-transparent ETF that provides exposure to fundamentally-selected firms located globally. The fund utilizes the Fidelity non-transparent model. FMAG was launched on Feb 2, 2021 and is managed by Fidelity.