Janney Montgomery Scott LLC Reduces Stake in Fidelity MSCI Information Technology Index ETF (FTEC)
Janney Montgomery Scott LLC, a prominent financial institution, has recently reduced its stake in the Fidelity MSCI Information Technology Index ETF (NYSEARCA:FTEC) by 51.4% in the fourth quarter. According to their most recent filing with the Securities and Exchange Commission, Janney Montgomery Scott LLC now owns 12,140 shares of the company’s stock, down from 12,821 shares.
This move by Janney Montgomery Scott LLC is part of a larger trend among institutional investors who have been adjusting their holdings in FTEC. International Assets Investment Management LLC, for example, purchased a new stake in the ETF worth approximately $33,181,000 during the fourth quarter. Lido Advisors LLC also increased its position in FTEC by 9.3% in the third quarter, now owning 1,652,603 shares of the company’s stock.
The Fidelity MSCI Information Technology Index ETF is currently trading up 1.0%, with shares opening at $162.19 on Monday. The ETF has a market capitalization of $10.10 billion, a PE ratio of 37.14, and a beta of 1.41. Its 52-week range is between $118.39 and $163.23, with a 50-day simple moving average of $153.40 and a 200-day simple moving average of $148.10.
FTEC is an exchange-traded fund that primarily invests in information technology equity, tracking a market-cap-weighted index of stocks in the broad US information technology sector. Managed by Fidelity, the ETF was launched on October 21, 2013.
Overall, the Fidelity MSCI Information Technology Index ETF continues to attract attention from institutional investors, with various financial institutions making strategic moves to adjust their holdings in the ETF.
