Wipro Limited (NYSE:WIT) Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its holdings in Wipro Limited by 45.4%, acquiring 2,257,828 additional shares, bringing its total to 7,227,213 shares valued at approximately $22.1 million.
• Several brokerage firms have upgraded their ratings on Wipro, with Wall Street Zen changing its rating from "hold" to "buy," and Morgan Stanley moving from "underweight" to "equal weight."
• Wipro reported a net margin of 15.07% and earnings per share of $0.04 for the latest quarter, aligning with consensus estimates, and reported revenues of $2.58 billion.

Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Wipro Limited (NYSE:WIT - Free Report) by 45.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,227,213 shares of the information technology services provider's stock after acquiring an additional 2,257,828 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.07% of Wipro worth $22,115,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. BNP Paribas Financial Markets grew its holdings in Wipro by 36.4% in the fourth quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider's stock valued at $55,925,000 after purchasing an additional 4,215,981 shares during the last quarter. Marshall Wace LLP acquired a new stake in Wipro in the fourth quarter valued at $20,008,000. Penserra Capital Management LLC grew its holdings in Wipro by 41.0% in the first 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 during the last quarter. Millennium Management LLC grew its holdings in Wipro by 11.3% in the fourth 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 during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its holdings in Wipro by 15.7% in the first 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 during the last quarter. Institutional investors and hedge funds own 2.36% of the company's stock.

Wipro Trading Up 1.5%

Shares of Wipro stock traded up $0.04 during trading hours on Tuesday, reaching $2.69. The stock had a trading volume of 13,108,042 shares, compared to its average volume of 8,568,798. The firm has a 50 day simple moving average of $2.93 and a two-hundred day simple moving average of $3.05. The firm has a market capitalization of $28.14 billion, a price-to-earnings ratio of 17.35, a P/E/G ratio of 9.66 and a beta of 0.93. Wipro Limited has a 1 year low of $2.62 and a 1 year high of $3.79.

Wipro (NYSE:WIT - Get Free Report) last posted its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.04. Wipro had a return on equity of 15.94% and a net margin of 15.07%. The business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $219.23 billion. Sell-side analysts forecast that Wipro Limited will post 0.14 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on WIT shares. Morgan Stanley upgraded Wipro from an "underweight" rating to an "equal weight" rating in a research report on Friday, June 20th. Wall Street Zen upgraded 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 issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company currently 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.