OVERSEA CHINESE BANKING Corp Ltd Makes New $1.15 Million Investment in Wipro Limited (NYSE:WIT)

OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Wipro Limited (NYSE:WIT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 374,844 shares of the information technology services provider's stock, valued at approximately $1,147,000.

Several other institutional investors have also modified their holdings of WIT. Bank of New York Mellon Corp raised its holdings in shares of Wipro by 74.3% during the 4th quarter. Bank of New York Mellon Corp now owns 25,451 shares of the information technology services provider's stock worth $90,000 after acquiring an additional 10,851 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Wipro by 65.2% during the 4th quarter. Victory Capital Management Inc. now owns 340,463 shares of the information technology services provider's stock worth $1,205,000 after acquiring an additional 134,357 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Wipro during the 4th quarter worth $1,667,000. PNC Financial Services Group Inc. raised its holdings in shares of Wipro by 91.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 209,397 shares of the information technology services provider's stock worth $741,000 after acquiring an additional 100,292 shares during the period. Finally, HighTower Advisors LLC raised its holdings in Wipro by 292.0% in the 4th quarter. HighTower Advisors LLC now owns 62,332 shares of the information technology services provider's stock valued at $221,000 after buying an additional 46,432 shares during the period. Hedge funds and other institutional investors own 2.36% of the company's stock.

Wipro Trading Down 1.5%

WIT traded down $0.05 on Friday, hitting $3.02. The company had a trading volume of 620,389 shares, compared to its average volume of 5,855,615. The company has a current ratio of 2.72, a quick ratio of 2.71 and a debt-to-equity ratio of 0.08. The firm has a market cap of $31.54 billion, a P/E ratio of 20.10, a PEG ratio of 8.34 and a beta of 1.02. The company's fifty day moving average price is $2.97 and its 200 day moving average price is $3.15. Wipro Limited has a 1 year low of $2.63 and a 1 year high of $3.79.

Wipro (NYSE:WIT - Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $2.58 billion for the quarter, compared to analyst estimates of $219.23 billion. Wipro had a net margin of 14.73% and a return on equity of 15.97%. As a group, equities analysts expect that Wipro Limited will post 0.14 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on WIT shares. Jefferies Financial Group lowered shares of Wipro from a "hold" rating to an "underperform" rating in a report on Tuesday, April 8th. Morgan Stanley upgraded shares of Wipro from an "underweight" rating to an "equal weight" rating in a report on Friday, June 20th. Finally, Wall Street Zen upgraded shares of Wipro from a "hold" rating to a "buy" rating in a report on Saturday, April 26th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Wipro currently has a consensus rating of "Hold".

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.