Alerian MLP ETF (NYSEARCA:AMLP) Reaches New 12-Month High – Still a Buy?

Shares of Alerian MLP ETF (NYSEARCA:AMLP) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $55.31 and last traded at $55.27, with a volume of 49040 shares trading hands. The stock had previously closed at $54.93.

Alerian MLP ETF Stock Up 1.2%

The company has a market cap of $13.07 billion, a PE ratio of 14.17 and a beta of 0.50. The company has a 50-day moving average of $52.73 and a 200-day moving average of $51.91.

Hedge Funds Weigh In On Alerian MLP ETF

Hedge funds have recently bought and sold shares of the company. Bank of America Corp DE boosted its holdings in Alerian MLP ETF by 0.7% during the second quarter. Bank of America Corp DE now owns 8,453,389 shares of the exchange traded fund’s stock worth $413,033,000 after purchasing an additional 54,835 shares during the last quarter. Allen Investment Management LLC increased its stake in Alerian MLP ETF by 6.8% in the 1st quarter. Allen Investment Management LLC now owns 4,005,535 shares of the exchange traded fund’s stock valued at $210,851,000 after buying an additional 254,444 shares during the last quarter. Raymond James Financial Inc. increased its stake in Alerian MLP ETF by 5.9% in the 2nd quarter. Raymond James Financial Inc. now owns 2,715,784 shares of the exchange traded fund’s stock valued at $132,693,000 after buying an additional 152,451 shares during the last quarter. Royal Bank of Canada lifted its position in shares of Alerian MLP ETF by 6.8% during the 1st quarter. Royal Bank of Canada now owns 2,414,295 shares of the exchange traded fund’s stock worth $127,088,000 after buying an additional 154,146 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in shares of Alerian MLP ETF by 19.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,634,868 shares of the exchange traded fund’s stock worth $79,886,000 after buying an additional 262,817 shares in the last quarter.

Alerian MLP ETF Company Profile

ALERIAN MLP ETF seeks investment results that correspond (before fees and expenses) to the price and yield performance of its underlying index, the Alerian MLP Infrastructure Index (the Index). The Index is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the United States energy infrastructure Master Limited Partnership (MLP) asset class. The Index is comprised of 25 energy infrastructure MLPs. The fund will invest at least 90% of its total assets in securities, which comprise the Index (or depositary receipts based on such securities).