Richmond Brothers Inc. Sells 2,602 Shares of iShares Biotechnology ETF (NASDAQ:IBB)

Richmond Brothers Inc. lessened its stake in shares of iShares Biotechnology ETF (NASDAQ:IBB) by 40.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 3,777 shares of the financial services provider’s stock after selling 2,602 shares during the period. iShares Biotechnology ETF accounts for about 0.3% of Richmond Brothers Inc.’s investment portfolio, making the stock its 25th biggest holding. Richmond Brothers Inc.’s holdings in iShares Biotechnology ETF were worth $499,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. BNP Paribas Financial Markets raised its stake in shares of iShares Biotechnology ETF by 29.3% during the third quarter. BNP Paribas Financial Markets now owns 2,380,229 shares of the financial services provider’s stock valued at $346,561,000 after acquiring an additional 538,899 shares in the last quarter. Commerce Bank raised its stake in iShares Biotechnology ETF by 1.8% in the third quarter. Commerce Bank now owns 743,366 shares of the financial services provider’s stock worth $108,234,000 after buying an additional 12,921 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in iShares Biotechnology ETF by 32.9% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 663,000 shares of the financial services provider’s stock worth $96,533,000 after buying an additional 164,000 shares in the last quarter. Main Management ETF Advisors LLC raised its stake in iShares Biotechnology ETF by 2.5% in the third quarter. Main Management ETF Advisors LLC now owns 593,370 shares of the financial services provider’s stock worth $86,395,000 after buying an additional 14,535 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in iShares Biotechnology ETF in the fourth quarter worth approximately $55,010,000. Institutional investors own 62.45% of the company’s stock.

iShares Biotechnology ETF Stock Down 1.5 %

Shares of NASDAQ:IBB opened at $134.09 on Wednesday. The company has a market capitalization of $6.11 billion, a price-to-earnings ratio of 27.83 and a beta of 0.77. iShares Biotechnology ETF has a 52 week low of $123.60 and a 52 week high of $150.57. The firm has a 50 day moving average of $136.26 and a 200 day moving average of $139.57.

iShares Biotechnology ETF Increases Dividend

The firm also recently disclosed a dividend, which will be paid on Friday, March 21st. Investors of record on Tuesday, March 18th will be paid a $0.1212 dividend. This is an increase from iShares Biotechnology ETF’s previous dividend of $0.06. The ex-dividend date is Tuesday, March 18th.

iShares Biotechnology ETF Profile

iShares Nasdaq Biotechnology ETF (the Fund), formerly iShares Nasdaq Biotechnology Index Fund, is an exchange-traded fund (ETF). The Fund seeks investment results that correspond generally to the price and yield performance of the NASDAQ Biotechnology Index (the Index). The Index contains securities of NASDAQ listed companies that are classified according to the Industry Classification Benchmark as either biotechnology or pharmaceuticals, which also meet other eligibility criteria determined by NASDAQ.