Mirae Asset Global Investments Co. Ltd. Boosts Holdings in Wipro Limited (NYSE:WIT)

Mirae Asset Global Investments Co. Ltd. raised its stake in Wipro Limited (NYSE:WIT) by 93.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 86,589 shares of the information technology services provider’s stock after acquiring an additional 41,766 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Wipro were worth $307,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of WIT. Ridgewood Investments LLC raised 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 purchasing an additional 3,557 shares during the period. BOCHK Asset Management Ltd bought a new position in shares of Wipro in the fourth quarter worth $42,000. PFG Investments LLC purchased a new position in shares of Wipro in the fourth quarter valued at $43,000. Fulton Bank N.A. bought a new stake in shares of Wipro during the 4th quarter valued at $44,000. Finally, Fragasso Financial Advisors Inc purchased a new stake in Wipro during the 4th quarter worth about $47,000. 2.36% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. StockNews.com raised shares of Wipro from a “hold” rating to a “buy” rating in a report on Monday, January 20th. HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. Finally, UBS Group raised Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday, January 2nd. One equities 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy”.

Wipro Price Performance

Shares of NYSE:WIT opened at $3.64 on Friday. The company’s fifty day moving average price is $3.88 and its 200-day moving average price is $5.56. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.83 and a quick ratio of 2.83. The firm has a market capitalization of $38.01 billion, a price-to-earnings ratio of 25.07, a PEG ratio of 3.13 and a beta of 0.91. Wipro Limited has a one year low of $2.55 and a one year high of $3.79.

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

Wipro 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.