Ieq Capital LLC Trims Stock Holdings in Wipro Limited $WIT

Ieq Capital LLC trimmed its holdings in Wipro Limited (NYSE:WIT) by 8.3% in the first quarter, Holdings Channel reports. The institutional investor owned 96,010 shares of the information technology services provider’s stock after selling 8,644 shares during the quarter. Ieq Capital LLC’s holdings in Wipro were worth $294,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of WIT. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Wipro by 45.4% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,227,213 shares of the information technology services provider’s stock valued at $22,115,000 after purchasing an additional 2,257,828 shares in the last quarter. Northern Trust Corp grew its position in shares of Wipro by 115.3% during the 1st quarter. Northern Trust Corp now owns 5,766,763 shares of the information technology services provider’s stock valued at $17,646,000 after purchasing an additional 3,087,697 shares in the last quarter. Penserra Capital Management LLC grew its position in shares of Wipro by 41.0% during the 1st quarter. Penserra Capital Management LLC now owns 4,517,030 shares of the information technology services provider’s stock valued at $13,822,000 after purchasing an additional 1,313,832 shares in the last quarter. Millennium Management LLC grew its position in shares of Wipro by 11.3% during the 4th quarter. Millennium Management LLC now owns 4,175,166 shares of the information technology services provider’s stock valued at $14,780,000 after purchasing an additional 423,840 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its position in shares of Wipro by 15.7% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 4,123,260 shares of the information technology services provider’s stock valued at $12,617,000 after purchasing an additional 561,046 shares in the last quarter. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

Wipro Stock Performance

NYSE WIT opened at $2.73 on Friday. Wipro Limited has a 52-week low of $2.62 and a 52-week high of $3.79. The company has a market capitalization of $28.53 billion, a P/E ratio of 17.58, a P/E/G ratio of 9.95 and a beta of 0.96. The company has a fifty day moving average of $2.85 and a 200-day moving average of $2.95.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. Wipro had a net margin of 15.07% and a return on equity of 15.94%. The company had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $219.23 billion. As a group, analysts forecast that Wipro Limited will post 0.14 EPS for the current fiscal year.

Wipro Cuts Dividend

The business also recently disclosed a dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, July 28th were issued a dividend of $0.057 per share. This represents a dividend yield of 409.9%. The ex-dividend date of this dividend was Monday, July 28th. Wipro’s payout ratio is currently 62.50%.

Analysts Set New Price Targets

Separately, Morgan Stanley upgraded shares of Wipro from an “underweight” rating to an “equal weight” rating in a research report on Friday, June 20th. Three research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Wipro currently has a consensus rating of “Reduce”.

Wipro Company 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.