OVERSEA CHINESE BANKING Corp Ltd Buys New Position 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 first quarter, according to its most recent filing with the SEC. The fund bought 374,844 shares of the information technology services provider's stock, valued at approximately $1,147,000.

A number of other hedge funds also recently made changes to their positions in WIT. MQS Management LLC bought a new stake in Wipro in the 1st quarter valued at about $117,000. Ballentine Partners LLC raised its stake in Wipro by 3.4% in the 1st quarter. Ballentine Partners LLC now owns 521,719 shares of the information technology services provider's stock valued at $1,596,000 after acquiring an additional 17,226 shares during the period. Xponance Inc. raised its stake in Wipro by 55.5% in the 1st quarter. Xponance Inc. now owns 58,420 shares of the information technology services provider's stock valued at $179,000 after acquiring an additional 20,854 shares during the period. Cerity Partners LLC raised its stake in Wipro by 63.5% in the 1st quarter. Cerity Partners LLC now owns 970,796 shares of the information technology services provider's stock valued at $2,971,000 after acquiring an additional 376,892 shares during the period. Finally, Alps Advisors Inc. raised its stake in Wipro by 17.5% in the 1st quarter. Alps Advisors Inc. now owns 417,132 shares of the information technology services provider's stock valued at $1,276,000 after acquiring an additional 62,000 shares during the period. 2.36% of the stock is currently owned by institutional investors.

Wipro Price Performance

WIT traded down $0.06 during midday trading on Friday, hitting $3.00. The stock had a trading volume of 4,827,901 shares, compared to its average volume of 5,121,802. The company has a market cap of $31.38 billion, a P/E ratio of 19.35, a price-to-earnings-growth ratio of 8.62 and a beta of 1.02. The business has a fifty day moving average of $2.97 and a 200 day moving average of $3.14. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.71 and a current ratio of 2.72. 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 earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. The business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $219.23 billion. Wipro had a return on equity of 16.07% and a net margin of 15.07%. As a group, equities analysts forecast that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.