Summit Asset Management LLC Lowers Holdings in Invesco QQQ (NASDAQ:QQQ)

Summit Asset Management LLC lessened its stake in Invesco QQQ (NASDAQ:QQQ) by 0.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,760 shares of the exchange traded fund’s stock after selling 29 shares during the quarter. Summit Asset Management LLC’s holdings in Invesco QQQ were worth $1,835,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Northeast Investment Management increased its position in shares of Invesco QQQ by 0.6% in the 3rd quarter. Northeast Investment Management now owns 3,476 shares of the exchange traded fund’s stock worth $1,697,000 after purchasing an additional 20 shares during the last quarter. Prospect Financial Services LLC increased its holdings in Invesco QQQ by 0.3% in the second quarter. Prospect Financial Services LLC now owns 6,385 shares of the exchange traded fund’s stock valued at $3,059,000 after buying an additional 21 shares during the last quarter. Skyline Advisors Inc. raised its stake in Invesco QQQ by 5.0% during the third quarter. Skyline Advisors Inc. now owns 441 shares of the exchange traded fund’s stock valued at $215,000 after buying an additional 21 shares in the last quarter. Madden Advisory Services Inc. lifted its holdings in Invesco QQQ by 0.9% during the 3rd quarter. Madden Advisory Services Inc. now owns 2,487 shares of the exchange traded fund’s stock worth $1,214,000 after buying an additional 21 shares during the last quarter. Finally, Meridian Management Co. grew its position in shares of Invesco QQQ by 0.6% in the 3rd quarter. Meridian Management Co. now owns 3,361 shares of the exchange traded fund’s stock worth $1,640,000 after acquiring an additional 21 shares in the last quarter. Hedge funds and other institutional investors own 44.58% of the company’s stock.

Invesco QQQ Price Performance

Shares of QQQ opened at $512.25 on Thursday. The firm has a fifty day moving average of $486.39 and a 200-day moving average of $473.15. Invesco QQQ has a 1 year low of $382.66 and a 1 year high of $515.58.

Invesco QQQ Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 23rd were issued a $0.677 dividend. This represents a $2.71 annualized dividend and a yield of 0.53%. The ex-dividend date was Monday, September 23rd.

Invesco QQQ Company 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.