Acadian Asset Management LLC Buys 6,447,184 Shares of Wipro Limited $WIT

Key Points

• Acadian Asset Management LLC increased its stake in Wipro Limited by 44.4%, owning 20,977,514 shares worth approximately $64.17 million.
• Wipro recently reported an EPS of $0.04 for the quarter, meeting analysts' expectations, and had a revenue of $2.58 billion.
• The company announced a dividend yield of 409.9%, with a recent payout of $0.057 per share, while maintaining a dividend payout ratio of 62.50%.

Acadian Asset Management LLC boosted its position in Wipro Limited (NYSE:WIT - Free Report) by 44.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,977,514 shares of the information technology services provider's stock after purchasing an additional 6,447,184 shares during the quarter. Acadian Asset Management LLC owned about 0.20% of Wipro worth $64,171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Hamilton Capital LLC purchased a new stake in shares of Wipro during the 1st quarter valued at $32,000. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Wipro during the 4th quarter valued at $35,000. CogentBlue Wealth Advisors LLC purchased a new stake in shares of Wipro during the 1st quarter valued at $37,000. Legacy Advisors LLC purchased a new stake in shares of Wipro during the 1st quarter valued at $40,000. Finally, Captrust Financial Advisors purchased a new stake in shares of Wipro during the 4th quarter valued at $44,000. Hedge funds and other institutional investors own 2.36% of the company's stock.

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 investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce".

Wipro Price Performance

Wipro stock traded up $0.02 during trading hours on Tuesday, reaching $2.78. The stock had a trading volume of 1,863,048 shares, compared to its average volume of 6,162,398. The stock has a market cap of $29.06 billion, a PE ratio of 17.90, a PEG ratio of 10.09 and a beta of 0.96. Wipro Limited has a 52 week low of $2.62 and a 52 week high of $3.79. The company has a fifty day simple moving average of $2.81 and a 200-day simple moving average of $2.91.

Wipro (NYSE:WIT - Get Free Report) last announced 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 business had revenue of $2.58 billion for the quarter, compared to analyst estimates of $219.23 billion. Wipro had a net margin of 15.07% and a return on equity of 15.94%. Research analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Wipro Cuts Dividend

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

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.