Wipro (NYSE:WIT) Lowered to “Hold” Rating by StockNews.com

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

Separately, Investec cut shares of Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $5.60.

Wipro Stock Performance

Shares of NYSE WIT opened at $7.10 on Tuesday. Wipro has a 1 year low of $4.68 and a 1 year high of $7.12. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69. The company has a market capitalization of $37.10 billion, a PE ratio of 26.30, a price-to-earnings-growth ratio of 4.72 and a beta of 0.89. The company’s fifty day moving average price is $6.61 and its 200 day moving average price is $6.19.

Wipro shares are scheduled to split before the market opens on Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly minted shares will be issued to shareholders after the closing bell on Tuesday, December 10th.

Wipro (NYSE:WIT) last issued its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, meeting analysts’ consensus estimates of $0.07. Wipro had a net margin of 13.23% and a return on equity of 14.98%. The business had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.66 billion. On average, research analysts predict that Wipro will post 0.27 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. State Street Corp lifted 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 valued at $70,157,000 after purchasing an additional 87,682 shares during the last quarter. Millennium Management LLC lifted its stake in Wipro by 67.6% in the second quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock valued at $34,298,000 after buying an additional 2,267,995 shares during the last quarter. Fisher Asset Management LLC lifted its stake in Wipro by 72.2% in the third quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock valued at $24,638,000 after buying an additional 1,593,619 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Wipro by 116.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock valued at $10,435,000 after acquiring an additional 867,516 shares during the period. Finally, Jane Street Group LLC grew its position in shares of Wipro by 292.0% during the first quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock worth $7,732,000 after acquiring an additional 1,001,644 shares during the last quarter. Institutional investors and hedge funds own 2.36% of the company’s stock.

Wipro Company Profile

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.