Wipro (NYSE:WIT) Posts Earnings Results, Misses Estimates By $0.01 EPS

Wipro (NYSE:WIT) posted its quarterly earnings data on Tuesday. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.01), MarketWatch Earnings reports. Wipro had a net margin of 17.33% and a return on equity of 21.07%. During the same period in the prior year, the business posted $0.07 EPS.

Shares of Wipro stock opened at $8.70 on Thursday. Wipro has a 1 year low of $6.09 and a 1 year high of $9.96. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.30 and a quick ratio of 2.30. The firm has a fifty day moving average price of $9.05 and a 200 day moving average price of $8.91. The stock has a market cap of $47.67 billion, a PE ratio of 30.00, a price-to-earnings-growth ratio of 3.61 and a beta of 0.66.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its stake in shares of Wipro by 5.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 53,121 shares of the information technology services provider’s stock valued at $468,000 after acquiring an additional 2,743 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Wipro by 6.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 82,362 shares of the information technology services provider’s stock valued at $727,000 after purchasing an additional 5,209 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Wipro by 26.0% in the 2nd quarter. Wells Fargo & Company MN now owns 188,787 shares of the information technology services provider’s stock valued at $1,475,000 after buying an additional 38,988 shares in the last quarter. Finally, Morgan Stanley boosted its holdings in shares of Wipro by 14.7% in the 2nd quarter. Morgan Stanley now owns 2,996,833 shares of the information technology services provider’s stock valued at $23,406,000 after buying an additional 383,499 shares in the last quarter. Hedge funds and other institutional investors own 2.30% of the company’s stock.

A number of research firms have weighed in on WIT. Zacks Investment Research upgraded Wipro from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research report on Tuesday, January 4th. Morgan Stanley upgraded Wipro from an “underweight” rating to an “equal weight” rating in a report on Thursday, October 14th. Finally, JPMorgan Chase & Co. upgraded Wipro from an “underweight” rating to a “neutral” rating in a report on Thursday, September 30th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $8.62.

Wipro Company Profile

Wipro Ltd. is a global information technology, consulting and outsourcing company, which engages in the development and integration of solutions. It operates through the Information Technology Services, India State Run Enterprise (ISRE), and Information Technology Products segments. The Information Technology Services segment provides a range of IT and IT-enabled services, which include digital strategy advisory, customer-centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development, and hardware and software design to enterprises worldwide.

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Earnings History for Wipro (NYSE:WIT)

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