Wipro (NYSE:WIT) Stock Rating Lowered by StockNews.com

Wipro (NYSE:WIT) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Tuesday.

Separately, Investec cut 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 issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $5.60.

Wipro Stock Performance

NYSE WIT opened at $7.03 on Tuesday. The stock has a market capitalization of $36.73 billion, a price-to-earnings ratio of 26.04, a PEG ratio of 4.78 and a beta of 0.89. Wipro has a twelve month low of $4.68 and a twelve month high of $7.12. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08. The stock has a 50-day moving average of $6.62 and a 200 day moving average of $6.20.

Wipro shares are going to split on the morning of Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly created shares will be distributed to shareholders after the closing bell on Tuesday, December 10th.

Wipro (NYSE:WIT) last released its quarterly earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The company had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Sell-side analysts anticipate that Wipro will post 0.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Wipro

Several hedge funds and other institutional investors have recently made changes to their positions in WIT. Millennium Management LLC increased its holdings in shares of 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 purchasing an additional 2,267,995 shares during the last quarter. Fisher Asset Management LLC increased its holdings in shares of 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 purchasing an additional 1,593,619 shares during the last quarter. Marshall Wace LLP purchased a new position in Wipro in the second quarter worth approximately $7,994,000. Jane Street Group LLC grew its position in Wipro by 292.0% in 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 period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in 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 worth $10,435,000 after acquiring an additional 867,516 shares during the period. Institutional investors and hedge funds own 2.36% of the company’s stock.

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.