Van ECK Associates Corp Buys 165,076 Shares of Wipro Limited (NYSE:WIT)

Van ECK Associates Corp lifted its stake in Wipro Limited (NYSE:WIT) by 89.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 348,859 shares of the information technology services provider’s stock after buying an additional 165,076 shares during the quarter. Van ECK Associates Corp’s holdings in Wipro were worth $1,235,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WIT. State Street Corp grew its holdings in Wipro by 0.8% during 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 buying an additional 87,682 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in Wipro by 72.2% during the 3rd 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 acquiring an additional 1,593,619 shares during the period. Robeco Institutional Asset Management B.V. boosted its holdings in Wipro by 147.1% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 3,562,214 shares of the information technology services provider’s stock valued at $12,610,000 after acquiring an additional 2,120,454 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in Wipro by 116.8% during the 3rd 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 purchasing an additional 867,516 shares in the last quarter. Finally, Citigroup Inc. raised its position in Wipro by 8.5% during the 3rd quarter. Citigroup Inc. now owns 842,893 shares of the information technology services provider’s stock valued at $5,462,000 after purchasing an additional 65,981 shares in the last quarter. Institutional investors own 2.36% of the company’s stock.

Analyst Upgrades and Downgrades

WIT has been the subject of several recent research reports. StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a research report on Monday, January 20th. UBS Group raised Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday, January 2nd. Finally, HSBC raised Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

Wipro Price Performance

NYSE:WIT opened at $3.49 on Friday. Wipro Limited has a one year low of $2.55 and a one year high of $3.79. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.83 and a current ratio of 2.83. The stock has a market cap of $36.44 billion, a PE ratio of 24.04, a P/E/G ratio of 3.10 and a beta of 0.91. The stock has a 50 day moving average price of $3.60 and a 200 day moving average price of $5.44.

Wipro (NYSE:WIT) last issued its quarterly earnings data on Friday, January 17th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. Equities research analysts expect that Wipro Limited will post 0.14 EPS for the current fiscal year.

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.