Canal Capital Management LLC Raises Stake in Invesco QQQ $QQQ

Canal Capital Management LLC increased its position in Invesco QQQ (NASDAQ:QQQ) by 347.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 54,306 shares of the exchange traded fund’s stock after acquiring an additional 42,163 shares during the period. Invesco QQQ comprises approximately 4.2% of Canal Capital Management LLC’s holdings, making the stock its 3rd largest position. Canal Capital Management LLC’s holdings in Invesco QQQ were worth $31,344,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in QQQ. Goodman Advisory Group LLC purchased a new stake in Invesco QQQ during the 3rd quarter valued at $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Invesco QQQ during the fourth quarter valued at $25,000. Shcp LLC purchased a new stake in Invesco QQQ during the third quarter valued at $27,000. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in Invesco QQQ by 2,150.0% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 45 shares of the exchange traded fund’s stock valued at $28,000 after acquiring an additional 43 shares during the period. Finally, Rachor Investment Advisory Services LLC bought a new position in Invesco QQQ in the fourth quarter valued at about $29,000. 44.58% of the stock is currently owned by hedge funds and other institutional investors.

Invesco QQQ News Summary

Here are the key news stories impacting Invesco QQQ this week:

• Positive Sentiment: Weaker-than-expected June jobs data helped cool rate-hike fears, which is generally supportive for growth stocks and the Nasdaq-100 holdings that dominate QQQ. Should You Buy the Invesco QQQ ETF After the Recent Nasdaq Sell-Off? History Offers a Crystal-Clear Answer.
• Positive Sentiment: Market commentary says the Nasdaq sell-off may have created a buying opportunity for QQQ after a weak first half for some of America’s biggest growth names. Should You Buy the Invesco QQQ ETF After the Recent Nasdaq Sell-Off? History Offers a Crystal-Clear Answer.
• Positive Sentiment: Reports that stocks and Nasdaq futures were holding up ahead of the payroll release suggest investors remain willing to stay in or add to large-cap tech exposure through QQQ. S&P 500, Nasdaq Futures Climb While Dow Futures Fall Ahead Of Key Jobs Report: META, MU, JACK, CEG Stocks In Focus

Invesco QQQ Price Performance

Shares of NASDAQ:QQQ opened at $713.61 on Friday. The stock’s 50-day simple moving average is $712.54 and its two-hundred day simple moving average is $646.26. Invesco QQQ has a 52-week low of $549.58 and a 52-week high of $748.65.

Invesco QQQ Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Monday, June 22nd will be paid a $0.8135 dividend. This is a boost from Invesco QQQ’s previous quarterly dividend of $0.73. The ex-dividend date is Monday, June 22nd. This represents a $3.25 annualized dividend and a dividend yield of 0.5%.

Invesco QQQ Profile

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.