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Looking for broad exposure to the Mid Cap Blend segment of the US equity market? You should consider the Invesco S&P MidCap Quality ETF (XMHQ), a passively managed exchange traded fund launched on 12/01/2006.
The fund is sponsored by Invesco. It has amassed assets over $5.26 billion, making it one of the larger ETFs attempting to match the Mid Cap Blend segment of the US equity market.
Why Mid Cap Blend
Mid cap companies have market capitalization between $2 billion and $10 billion. They usually have higher growth prospects than large cap companies and are less volatile than small cap companies. These types of companies, then, have a good balance of stability and growth potential.
Blend ETFs are aptly named, since they tend to hold a mix of growth and value stocks, as well as show characteristics of both kinds of equities.
Costs
Expense ratios are an important factor in the return of an ETF and in the long term, cheaper funds can significantly outperform their more expensive counterparts, other things remaining the same.
Annual operating expenses for this ETF are 0.25%, putting it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 5.13%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Industrials sector--about 35% of the portfolio. Consumer Discretionary and Financials round out the top three.
Looking at individual holdings, Williams-Sonoma Inc (WSM) accounts for about 3.72% of total assets, followed by Manhattan Associates Inc (MANH) and Carlisle Cos Inc (CSL).
The top 10 holdings account for about 26.5% of total assets under management.
Performance and Risk
XMHQ seeks to match the performance of the S&P MIDCAP 400 QUALITY INDEX before fees and expenses. The S&P MidCap 400 Quality Index is designed to provide equal-weighted exposure to approximately 800 securities of medium-sized companies in the larger US equity market.
The ETF return is roughly 17.07% so far this year and was up about 27.37% in the last one year (as of 09/16/2024). In the past 52-week period, it has traded between $75.71 and $110.05.
The ETF has a beta of 1.04 and standard deviation of 21.69% for the trailing three-year period. With about 82 holdings, it effectively diversifies company-specific risk.
Alternatives
Invesco S&P MidCap Quality ETF carries a Zacks ETF Rank of 3 (Hold), which is based on expected asset class return, expense ratio, and momentum, among other factors. Thus, XMHQ is a reasonable option for those seeking exposure to the Style Box - Mid Cap Blend area of the market. Investors might also want to consider some other ETF options in the space.
The Vanguard Mid-Cap ETF (VO) and the iShares Core S&P Mid-Cap ETF (IJH) track a similar index. While Vanguard Mid-Cap ETF has $67.95 billion in assets, iShares Core S&P Mid-Cap ETF has $88.17 billion. VO has an expense ratio of 0.04% and IJH charges 0.05%.
Bottom-Line
While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
Onto Innovation’s ONTO shares have been performing well on the trading front, with a gain of 48.6% in the past year compared with the S&P 500 composite and sub-industry’s growth of 23.5% and 44.1%, respectively.
Closing at $192.97 as of yesterday’s trading session, ONTO stock is currently trading 19.2% below its 52-week high of $238.93, attained on July 16, 2024.
Solid financial performance has been aiding the stock’s trajectory. ONTO outpaced estimates in each of the trailing four quarters, with the average surprise being 6.6%.
From a valuation perspective, ONTO is trading at a premium. Going by its forward 12-month price-to-earnings ratio, ONTO is trading at a multiple of 32.2, below the industry’s ratio of 6.4 in the past five years.
ONTO Gains From Uptake of Dragonfly Platform
Onto Innovation’s performance is gaining from increasing demand for its Dragonfly inspection system. Its Dragonfly G3 platform integrates 2D and 3D technologies to identify yield-killing defects and compute features, which are important for advanced front-end and packaging technologies. The system is witnessing strong adoption owing to higher demand for advanced packaging of AI computing devices.
In the last reported quarter, total revenues of $242.3 million beat the Zacks Consensus Estimate by 2.9%. The top line expanded 27.1% year over year. The uptick was largely driven by the expansion of pilot lines for high-performance computing, which incorporates cutting-edge gate-all-around transistor architecture and high-bandwidth memory to support the growing demand in the AI sector.
Revenues surpassed the high end of the company’s guided range of $230-$240 million. Management highlighted record revenues of $164 million from its specialty and advanced packaging customers. This growth was driven by demand from the company’s AI packaging customers.
Healthy momentum in advanced nodes sales was driven by the success of ONTO’s Atlas and Iris systems. These systems are pivotal in supporting emerging gate-all-around devices.
In the last reported quarter, ONTO secured more than $300 million in volume purchase agreements from two major customers. These agreements, which extend through 2025, pertain to investments in AI advanced packaging and gate-all-around technologies. In addition, ONTO bolstered its product portfolio with the introduction of the JetStep X500 lithography tool, specifically crafted for next-generation glass substrates used in panel-level packaging. The addition of these sensors will enable its users to collect important data needed to mature their process in a relatively shorter time.
ONTO Provides Strong Outlook
For the third quarter, the management expects revenues in the range of $245-$255 million. For the second half, it now expects revenues to be 5-10% stronger than the first half of 2024.
The company remains focused on inventory reduction to boost cash-flow performance. Improvements in supply-chain initiatives are expected to drive margin performance.
ONTO expects revenues to gain from increasing investments in gate-all-around capacity and capacity expansions by several high-bandwidth memory and logic packaging manufacturers in 2025.
Estimates Move Upward for ONTO
The Zacks Consensus Estimate for ONTO’s 2024 and 2025 revenues is pegged at $976.6 million and $1.11 billion, respectively, indicating growth of 19.7% and 14% from the year-ago levels.
The consensus estimate for 2024 and 2025 EPS is expected to be $5.18 and $6.33, respectively, implying a rise of 38.9% and 22.2% from the prior-year actuals.
The consensus mark for the current quarter and 2024 EPS has increased 10% and 2.6%, respectively, in the past 60 days.
ONTO Faces Certain Headwinds
The weak global macroeconomic backdrop, forex fluctuations and fierce competition are concerns for this Zacks Rank #3 (Hold) company.
Increasing expenses is likely to weigh on the company’s margin’s performance. For the third quarter of 2024, it expects operating expenses in the range of $64-$66 million amid higher research and development expenses.
Stocks to Consider
Some better-ranked stocks worth consideration in the broader technology space are Manhattan Associates MANH, Adobe ADBE and ANSYS ANSS. While Manhattan Associates sports a Zacks Rank #1 (Strong Buy), Adobe and ANSYS carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for MANH’s 2024 EPS is pegged at $4.26, unchanged in the past 30 days. MANH’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 26.6%. The stock has surged 30.1% in the past year.
The Zacks Consensus Estimate for Adobe’s fiscal 2024 EPS is pegged at $18.16, unchanged in the past 30 days. ADBE’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 2.6%. The long-term earnings growth rate is 13%. Its shares have gained 6.2% in the past year.
The Zacks Consensus Estimate for ANSS’ 2024 earnings is pegged at $9.96, unchanged in the past 30 days. ANSS’ earnings beat the Zacks Consensus Estimate in three of the last four quarters while missing the mark once, with the average surprise being 4.8%. Its shares have gained 0.3% in the past year
Zacks Investment Research
SAP SE SAP has acquired WalkMe Ltd. for approximately $1.5 billion. This deal represents an approximate 45% premium to WalkMe's closing share price on June 4, 2024, the day when SAP and WalkMe agreed to the binding terms of the acquisition.
Following the acquisition, each ordinary and outstanding share of WalkMe has been converted into the right for shareholders to receive $14.00 per share in cash, subject to adjustments. The completion of the acquisition has been officially reported to the Nasdaq stock market, and WalkMe's ordinary shares are expected to be suspended from trading at the close of the market today in anticipation of delisting.
Headquartered in Tel Aviv, Israel, WalkMe is known for its innovations in digital adoption platforms. The company enhances and speeds up the effectiveness of digital transformation strategies by promoting user adoption of digital assets. WalkMe’s Digital Adoption Platform continuously identifies gaps and issues, guiding users to success without requiring code changes or alterations to existing platforms.
WalkMe’s cutting-edge technology improves workflow execution across business software applications, enhancing user experience and adoption while supporting business transformation. This acquisition will complement SAP’s Business Transformation Management portfolio, including SAP LeanIX and SAP Signavio, and will aid clients in accelerating their digital transformations.
SAP SE Price and Consensus
SAP SE price-consensus-chart | SAP SE Quote
Embedding WalkMe’s adoption capabilities with SAP’s copilot Joule will strengthen artificial intelligence (AI) assistance and productivity for SAP customers. Additionally, combining WalkMe’s e-learning features with SAP Enable Now will create a central component of SAP’s people-centric transformation approach.
Booming Cloud Business and Focus on GenAI Bode Well for SAP
Headquartered in Walldorf, Germany, SAP is one of the largest independent software vendors in the world and the leading provider of enterprise resource planning software.
SAP’s performance is gaining from strengthening cloud business, especially robust demand for the Rise with SAP and Grow with SAP solutions. In the second quarter of 2024, SAP’s cloud revenues were €4.15 billion, up 25% year over year on a non-IFRS basis (nominal and cc). The uptick resulted from a 33% surge in Cloud ERP Suite revenues, highlighting the effectiveness of SAP’s Software-as-a-Service and Platform-as-a-Service solutions.
SAP remains optimistic about the generative AI trend and expects it to positively impact revenues going forward. In April 2024, SAP announced significant advancements in AI for supply chain solutions, aiming to redefine productivity and efficiency in manufacturing sectors. During the second quarter of 2024, SAP announced a collaboration with IBM and Amazon Web Services to make strides in GenAI capabilities and unlock potential opportunities for businesses.
It will also be taking up a restructuring program in 2024 (which is likely to conclude in 2025), whereby it plans to eliminate 8,000 positions across its operations to ensure the company’s skill set and resources are well-poised to meet future business requirements.
SAP’s Zacks Rank & Stock Price Performance
SAP currently carries a Zacks Rank #2 (Buy). Shares of the company have gained 62.5% in the past year compared with the sub-industry's growth of 24.1%.
Other Stocks to Consider
Some other top-ranked stocks from the broader technology space are Manhattan Associates, Inc. MANH, ANSYS, Inc. ANSS and Adobe Inc. ADBE. MANH presently sports a Zacks Rank #1 (Strong Buy), whereas ANSS & ADBE carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Manhattan Associates delivered an earnings surprise of 26.6%, on average, in the trailing four quarters. In the last reported quarter, MANH pulled off an earnings surprise of 22.9%. The Zacks Consensus Estimate for MANH has increased 9.2% in the past 60 days to $4.26.
ANSYS delivered an earnings surprise of 4.8%, on average, in three of the trailing four quarters. In the last reported quarter, ANSS pulled off an earnings surprise of 28.9%. It has a long-term earnings growth expectation of 6.4%.
Adobe delivered an earnings surprise of 2.7%, on average, in the trailing four quarters. In the last reported quarter, ADBE pulled off an earnings surprise of 2.1%. It has a long-term earnings growth expectation of 13%.
Zacks Investment Research
Launched on 11/08/2005, the SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is a passively managed exchange traded fund designed to provide a broad exposure to the Mid Cap Blend segment of the US equity market.
The fund is sponsored by State Street Global Advisors. It has amassed assets over $10.63 billion, making it one of the larger ETFs attempting to match the Mid Cap Blend segment of the US equity market.
Why Mid Cap Blend
Mid cap companies have market capitalization between $2 billion and $10 billion. They usually have higher growth prospects than large cap companies and are less volatile than small cap companies. Thus, companies that fall under this category provide a stable and growth-heavy investment.
Blend ETFs are aptly named, since they tend to hold a mix of growth and value stocks, as well as show characteristics of both kinds of equities.
Costs
Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive counterparts if all other fundamentals are the same.
Annual operating expenses for this ETF are 0.03%, making it the least expensive products in the space.
It has a 12-month trailing dividend yield of 1.40%.
Sector Exposure and Top Holdings
It is important to delve into an ETF's holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Industrials sector--about 21.50% of the portfolio. Financials and Consumer Discretionary round out the top three.
Looking at individual holdings, Illumina Inc (ILMN) accounts for about 0.73% of total assets, followed by Carlisle Cos Inc (CSL) and Williams Sonoma Inc (WSM).
The top 10 holdings account for about 6.49% of total assets under management.
Performance and Risk
SPMD seeks to match the performance of the S&P 1000 Index before fees and expenses. The S&P MidCap 400 Index combines the S&P MidCap 400 and the S&P SmallCap 600 to form an investable benchmark for the mid to small cap segment of the U.S. equity market.
The ETF has added roughly 8.29% so far this year and was up about 17.43% in the last one year (as of 09/13/2024). In the past 52-week period, it has traded between $40.76 and $54.56.
The ETF has a beta of 1.11 and standard deviation of 20.17% for the trailing three-year period. With about 403 holdings, it effectively diversifies company-specific risk.
Alternatives
SPDR Portfolio S&P 400 Mid Cap ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, SPMD is a great option for investors seeking exposure to the Style Box - Mid Cap Blend segment of the market. There are other additional ETFs in the space that investors could consider as well.
The Vanguard Mid-Cap ETF (VO) and the iShares Core S&P Mid-Cap ETF (IJH) track a similar index. While Vanguard Mid-Cap ETF has $67.34 billion in assets, iShares Core S&P Mid-Cap ETF has $86.79 billion. VO has an expense ratio of 0.04% and IJH charges 0.05%.
Bottom-Line
An increasingly popular option among retail and institutional investors, passively managed ETFs offer low costs, transparency, flexibility, and tax efficiency; they are also excellent vehicles for long term investors.
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
Wayfair Inc. and Williams-Sonoma, Inc. shares are trading higher in Thursday's after-hours session after RH reported better-than-expected quarterly results.
The Details: Shares of furniture and home goods companies, including Wayfair and Williams-Sonoma are trading higher in sympathy with RH.
The furniture retailer's shares are soaring after the company reported earnings and revenue above analyst estimates for the second quarter and adjusted its third-quarter revenue growth forecast to a range of 7% to 9%.
Read Next: RH Stock Rallies After Better-Than-Expected Q2 Results: Details
"We are pleased to report that demand was up 7% in the second quarter and has continued to inflect positive, gaining momentum each month with July finishing up 10%. Demand accelerated into the third quarter with August up 12% and product margins inflecting positive despite operating in the most challenging housing market in three decades," commented Gary Friedman, CEO of RH.
W, WSM Price Action: According to Benzinga Pro, Wayfair shares are up 4.56% after-hours at $46.82 and Williams-Sonoma shares are up 3.78% at $141 at the time of publication Thursday.
Read Also:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
TELUS Corporation TU has joined forces with the Quebec Artificial Intelligence Institute, Mila, to advance artificial intelligence (AI) technology for societal good. This partnership will allow both organizations to explore cutting-edge AI innovations and assess their potential effects on various industries, benefiting customers in Canada.
Building on the recent introduction of Mila's Indigenous Pathfinders in AI program, TELUS will be backing additional career development initiatives that foster leadership and drive innovation in AI. The partnership leverages the strengths of both organizations, combining their extensive research and industry expertise to maximize impact, added Mila.
TELUS emphasized that by partnering on projects that adhere to high standards of integrity and excellence, they are committed to ensuring that their AI advancements are both innovative and socially responsible.
TELUS Focused on Safe & Ethical AI Advancement
According to Grand View Research, the global AI market is expected to witness a compound annual growth rate (CAGR) of 36.6% from 2024 to 2030, reaching an estimated $1,811.75 billion by 2030. The company’s expansion into the rapidly growing AI sector will drive top-line growth by leveraging the increasing market opportunities.
Though the rapid AI proliferation offers business opportunities, there is a growing call for using this technology safely and ethically.
Ethical AI is crucial for companies as it addresses key issues such as data responsibility, privacy, fairness and transparency, which are fundamental to maintaining trust and integrity. As businesses increasingly rely on AI for automation and decision-making, poor design and biased datasets can lead to harmful consequences, including perpetuating bias, creating data errors and eroding customer trust. Ensuring ethical AI practices not only mitigates these risks but also aligns with consumer and employee expectations for responsible technology use.
TELUS Corporation Price and Consensus
TELUS Corporation price-consensus-chart | TELUS Corporation Quote
TELUS recently announced that it has become the first company in the world to achieve international certification in Privacy by Design (ISO 31700-1) for its generative AI (GenAI) customer support tool. Powered by TELUS International’s enterprise-grade AI engine, Fuel iX, the GenAI tool offers its customers quick and intuitive responses to their inquiries, delivering a smooth digital experience that emphasizes user privacy and convenience.
The company also holds the Outstanding Organization prize from the Responsible AI Institute for its dedication to fostering trust and benefiting society. The first Canadian telecom company to endorse the government's voluntary code of conduct for generative AI, TELUS, released its first AI report, "The Power of Perspectives in Canada," earlier this year, which gathers views on AI from nearly 5,000 Canadians across diverse groups, including Indigenous peoples, racialized communities and the LGBTQ2S+ communities.
TU’s Zacks Rank & Stock Price Performance
TU currently carries a Zacks Rank #3 (Hold). Shares of the company have lost 1.6% in the past year against the sub-industry's growth of 0.4%.
Stocks to Consider
Some better-ranked stocks from the broader technology space are Manhattan Associates, Inc. MANH, ANSYS, Inc. ANSS and Adobe Inc. ADBE. MANH presently sports a Zacks Rank #1 (Strong Buy), whereas ANSS & ADBE carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Manhattan Associates delivered an earnings surprise of 26.6%, on average, in the trailing four quarters. In the last reported quarter, MANH pulled off an earnings surprise of 22.9%. The Zacks Consensus Estimate for MANH has increased 9.2% in the past 60 days to $4.26.
ANSYS delivered an earnings surprise of 4.8%, on average, in three of the trailing four quarters. In the last reported quarter, ANSS pulled off an earnings surprise of 28.9%. It has a long-term earnings growth expectation of 6.4%.
Adobe delivered an earnings surprise of 2.7%, on average, in the trailing four quarters. In the last reported quarter, ADBE pulled off an earnings surprise of 2.1%. It has a long-term earnings growth expectation of 13%.
Zacks Investment Research
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