Short Interest in WPP plc (NYSE:WPP) Drops By 21.8%

WPP plc (NYSE:WPP) was the target of a large drop in short interest in the month of March. As of March 15th, there was short interest totalling 300,400 shares, a drop of 21.8% from the February 28th total of 384,100 shares. Currently, 0.1% of the company’s shares are sold short. Based on an average trading volume of 241,000 shares, the short-interest ratio is currently 1.2 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its stake in shares of WPP by 20.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 15,981 shares of the business services provider’s stock worth $818,000 after buying an additional 2,688 shares during the last quarter. Cerity Partners LLC raised its holdings in WPP by 34.3% in the 3rd quarter. Cerity Partners LLC now owns 13,504 shares of the business services provider’s stock valued at $691,000 after acquiring an additional 3,452 shares during the period. Hantz Financial Services Inc. lifted its position in WPP by 2.8% during the third quarter. Hantz Financial Services Inc. now owns 41,755 shares of the business services provider’s stock worth $2,136,000 after acquiring an additional 1,133 shares during the last quarter. HighTower Advisors LLC boosted its holdings in shares of WPP by 22.5% during the third quarter. HighTower Advisors LLC now owns 19,658 shares of the business services provider’s stock worth $1,001,000 after acquiring an additional 3,615 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC grew its position in shares of WPP by 47.9% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,356,064 shares of the business services provider’s stock valued at $274,016,000 after purchasing an additional 1,734,750 shares during the last quarter. 4.34% of the stock is currently owned by institutional investors.

WPP Stock Up 3.6 %

Shares of NYSE WPP traded up $1.31 during trading hours on Wednesday, hitting $37.53. The company had a trading volume of 602,484 shares, compared to its average volume of 195,871. WPP has a 1-year low of $34.62 and a 1-year high of $57.37. The firm’s 50 day moving average is $44.01 and its 200-day moving average is $48.89. The stock has a market capitalization of $8.10 billion, a P/E ratio of 6.29, a price-to-earnings-growth ratio of 7.06 and a beta of 1.20.

WPP Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Monday, July 7th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.9728 per share. The ex-dividend date is Friday, June 6th. This is a positive change from WPP’s previous semi-annual dividend of $0.95. This represents a dividend yield of 6.2%. WPP’s payout ratio is currently 8.04%.

Analysts Set New Price Targets

A number of brokerages have weighed in on WPP. The Goldman Sachs Group assumed coverage on shares of WPP in a report on Wednesday, March 26th. They issued a “neutral” rating for the company. Kepler Capital Markets upgraded WPP from a “hold” rating to a “buy” rating in a research note on Friday, January 24th. Finally, Barclays downgraded WPP from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 28th. Three analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, WPP currently has a consensus rating of “Moderate Buy”.

WPP Company Profile

WPP plc, a creative transformation company, provides communications, experience, commerce, and technology services in North America, the United Kingdom, Western Continental Europe, the Asia Pacific, Latin America, Africa, the Middle East, and Central and Eastern Europe. The company operates through three segments: Global Integrated Agencies, Public Relations, and Specialist Agencies.