Wipro (NYSE:WIT) Rating Lowered to Hold at StockNews.com

StockNews.com cut shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a research note released on Tuesday morning.

Separately, Investec downgraded Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $5.60.

Wipro Trading Down 0.6 %

Shares of WIT opened at $6.99 on Tuesday. Wipro has a 12-month low of $4.78 and a 12-month high of $7.12. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $36.53 billion, a price-to-earnings ratio of 25.89, a P/E/G ratio of 4.75 and a beta of 0.89. The stock’s 50-day moving average price is $6.65 and its 200 day moving average price is $6.22.

Wipro’s stock is going to split before the market opens on Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly created shares will be payable to shareholders after the market closes on Tuesday, December 10th.

Wipro (NYSE:WIT) last released its quarterly earnings data on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. The company had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.66 billion. Wipro had a return on equity of 14.98% and a net margin of 13.23%. As a group, research analysts predict that Wipro will post 0.27 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp boosted its holdings in shares of Wipro by 0.8% in the 3rd quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock worth $70,157,000 after acquiring an additional 87,682 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Wipro by 67.6% in the 2nd quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock worth $34,298,000 after acquiring an additional 2,267,995 shares in the last quarter. Fisher Asset Management LLC raised its position in Wipro by 72.2% in the 3rd quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock worth $24,638,000 after purchasing an additional 1,593,619 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Wipro by 116.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock worth $10,435,000 after purchasing an additional 867,516 shares during the last quarter. Finally, Jane Street Group LLC raised its position in Wipro by 292.0% in the 1st quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock worth $7,732,000 after purchasing an additional 1,001,644 shares during the last quarter. 2.36% of the stock is owned by institutional investors and hedge funds.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.