Rhumbline Advisers Grows Stock Holdings in Wipro Limited (NYSE:WIT)

Rhumbline Advisers raised its position in Wipro Limited (NYSE:WIT) by 84.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,501,225 shares of the information technology services provider’s stock after acquiring an additional 1,604,356 shares during the quarter. Rhumbline Advisers’ holdings in Wipro were worth $12,394,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of WIT. Ridgewood Investments LLC increased its position in shares of Wipro by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 3,557 shares during the period. Beacon Financial Group purchased a new position in shares of Wipro in the fourth quarter valued at about $38,000. Leo Wealth LLC purchased a new position in shares of Wipro in the fourth quarter valued at about $40,000. BOCHK Asset Management Ltd purchased a new position in shares of Wipro in the fourth quarter valued at about $42,000. Finally, PFG Investments LLC purchased a new position in shares of Wipro in the fourth quarter valued at about $43,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. HSBC upgraded shares of Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. StockNews.com upgraded shares of Wipro from a “hold” rating to a “buy” rating in a research report on Monday, January 20th. Finally, UBS Group upgraded shares of Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy”.

Wipro Trading Down 4.3 %

Shares of NYSE WIT opened at $3.49 on Monday. The firm’s 50 day moving average price is $3.60 and its 200-day moving average price is $5.44. The company has a market cap of $36.44 billion, a PE ratio of 24.04, a P/E/G ratio of 3.08 and a beta of 0.91. Wipro Limited has a 52-week low of $2.55 and a 52-week 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.

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

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.