Ethic Inc. Sells 30,539 Shares of WPP PLC $WPP

Key Points

• Ethic Inc. significantly reduced its stake in WPP Plc, decreasing holdings by 63.1% to 17,895 shares, valued at $648,000, following the sale of 30,539 shares in the first quarter.
• Several hedge funds increased their investments in WPP, with Assetmark Inc. raising its stake by 88.3%, reflecting a growing institutional interest.
• WPP announced a semi-annual dividend of $0.5033 per share, resulting in a notable dividend yield of 1,060.0%, despite a decrease in stock ratings from various analysts.

Ethic Inc. reduced its position in WPP PLC (NYSE:WPP - Free Report) by 63.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,895 shares of the business services provider's stock after selling 30,539 shares during the period. Ethic Inc.'s holdings in WPP were worth $648,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of WPP. JPMorgan Chase & Co. increased its position in WPP by 184.3% in the 4th quarter. JPMorgan Chase & Co. now owns 15,729 shares of the business services provider's stock worth $808,000 after purchasing an additional 10,197 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of WPP by 57.0% during the 4th quarter. Russell Investments Group Ltd. now owns 2,168 shares of the business services provider's stock valued at $111,000 after acquiring an additional 787 shares during the last quarter. NewEdge Advisors LLC increased its holdings in shares of WPP by 160.7% during the 4th quarter. NewEdge Advisors LLC now owns 3,368 shares of the business services provider's stock valued at $173,000 after acquiring an additional 2,076 shares during the last quarter. First Trust Advisors LP acquired a new position in shares of WPP during the 4th quarter valued at about $309,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of WPP by 7.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 484,996 shares of the business services provider's stock valued at $24,928,000 after acquiring an additional 35,412 shares during the last quarter. 4.34% of the stock is owned by institutional investors and hedge funds.

WPP Stock Performance

Shares of WPP stock traded up $0.7380 during mid-day trading on Friday, reaching $27.1380. The stock had a trading volume of 402,602 shares, compared to its average volume of 497,257. The firm's 50 day simple moving average is $29.96 and its 200 day simple moving average is $36.53. The company has a quick ratio of 0.88, a current ratio of 0.86 and a debt-to-equity ratio of 1.13. WPP PLC has a one year low of $24.28 and a one year high of $57.37. The firm has a market cap of $5.86 billion, a PE ratio of 4.55 and a beta of 1.01.

WPP Cuts Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be given a $0.5033 dividend. The ex-dividend date is Friday, October 10th. This represents a dividend yield of 1,060.0%. WPP's dividend payout ratio (DPR) is currently 8.21%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on WPP shares. Wall Street Zen lowered WPP from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of WPP in a report on Thursday, July 10th. Kepler Capital Markets downgraded WPP from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 31st. Zacks Research downgraded WPP from a "hold" rating to a "strong sell" rating in a research note on Thursday. Finally, Barclays restated an "underweight" rating on shares of WPP in a research note on Friday, August 8th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, WPP presently has a consensus rating of "Reduce".

WPP Profile

WPP plc, a creative transformation company, provides communications, experience, commerce, and technology services in North America, the United Kingdom, Western Continental Europe, the Asia Pacific, Latin America, Africa, the Middle East, and Central and Eastern Europe. The company operates through three segments: Global Integrated Agencies, Public Relations, and Specialist Agencies.