StockNews.com Downgrades Wipro (NYSE:WIT) to Hold

Wipro (NYSE:WIT) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

Separately, Investec downgraded Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, one has assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $5.60.

Wipro Trading Down 1.0 %

WIT opened at $7.03 on Tuesday. The firm has a market cap of $36.73 billion, a price-to-earnings ratio of 26.04, a PEG ratio of 4.78 and a beta of 0.89. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08. Wipro has a 12 month low of $4.68 and a 12 month high of $7.12. The stock has a fifty day moving average price of $6.62 and a 200-day moving average price of $6.20.

Shares of Wipro are set to split on the morning of Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly minted shares will be distributed to shareholders after the market closes on Tuesday, December 10th.

Wipro (NYSE:WIT) last announced its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 for the quarter, compared to analyst estimates of $2.66 billion. As a group, equities research analysts anticipate that Wipro will post 0.27 earnings per share for the current fiscal year.

Institutional Trading of Wipro

A number of hedge funds have recently modified their holdings of WIT. Millennium Management LLC boosted its stake 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 worth $34,298,000 after buying an additional 2,267,995 shares during the last quarter. Fisher Asset Management LLC boosted its stake 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 worth $24,638,000 after buying an additional 1,593,619 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Wipro in the second quarter worth about $7,994,000. Jane Street Group LLC boosted its stake in shares of 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 buying an additional 1,001,644 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake 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 worth $10,435,000 after buying an additional 867,516 shares during the last quarter. Hedge funds and other institutional investors 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.