Bank of America Corp DE Boosts Stock Position in Wipro Limited (NYSE:WIT)

Bank of America Corp DE grew its position in Wipro Limited (NYSE:WIT - Free Report) by 106.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,329,479 shares of the information technology services provider's stock after acquiring an additional 685,544 shares during the quarter. Bank of America Corp DE's holdings in Wipro were worth $4,706,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in WIT. Vanguard Group Inc. lifted its position in shares of Wipro by 92.0% in the fourth quarter. Vanguard Group Inc. now owns 23,359,346 shares of the information technology services provider's stock valued at $82,692,000 after acquiring an additional 11,196,013 shares in the last quarter. Schroder Investment Management Group lifted its position in shares of Wipro by 177.6% in the fourth quarter. Schroder Investment Management Group now owns 9,683,559 shares of the information technology services provider's stock valued at $34,280,000 after acquiring an additional 6,195,561 shares in the last quarter. Marshall Wace LLP purchased a new position in Wipro during the fourth quarter worth approximately $20,008,000. BNP Paribas Financial Markets boosted its stake in Wipro by 36.4% during the fourth quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider's stock worth $55,925,000 after buying an additional 4,215,981 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its stake in Wipro by 97.9% during the fourth quarter. Fisher Asset Management LLC now owns 7,524,297 shares of the information technology services provider's stock worth $26,636,000 after buying an additional 3,722,115 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on WIT shares. Jefferies Financial Group lowered Wipro from a "hold" rating to an "underperform" rating in a research note on Tuesday, April 8th. Wall Street Zen raised Wipro from a "hold" rating to a "buy" rating in a research note on Saturday, April 26th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Wipro presently has a consensus rating of "Hold".

Wipro Trading Down 0.3%

Shares of Wipro stock traded down $0.01 during trading hours on Monday, hitting $2.87. The company's stock had a trading volume of 7,332,310 shares, compared to its average volume of 5,040,280. Wipro Limited has a twelve month low of $2.58 and a twelve month high of $3.79. The firm has a fifty day moving average of $2.88 and a 200-day moving average of $3.69. The stock has a market cap of $30.02 billion, a price-to-earnings ratio of 19.79, a P/E/G ratio of 3.08 and a beta of 1.03. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.83 and a current ratio of 2.83.

Wipro (NYSE:WIT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. The business had revenue of $2.62 billion for the quarter, compared to analyst estimates of $225.66 billion. Research analysts forecast that Wipro Limited will post 0.14 EPS for the current year.

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.