GAM Holding AG Sells 160,000 Shares of Wipro Limited (NYSE:WIT)

GAM Holding AG lowered its stake in shares of Wipro Limited (NYSE:WIT - Free Report) by 21.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 600,000 shares of the information technology services provider's stock after selling 160,000 shares during the period. GAM Holding AG's holdings in Wipro were worth $1,836,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in WIT. Vanguard Group Inc. increased its holdings in Wipro by 92.0% during the fourth quarter. Vanguard Group Inc. now owns 23,359,346 shares of the information technology services provider's stock worth $82,692,000 after buying an additional 11,196,013 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Wipro by 36.4% in the 4th 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 acquiring an additional 4,215,981 shares during the period. Schroder Investment Management Group increased its stake in shares of Wipro by 177.6% during the 4th quarter. Schroder Investment Management Group now owns 9,683,559 shares of the information technology services provider's stock worth $34,280,000 after purchasing an additional 6,195,561 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Wipro by 41.5% during the 4th quarter. JPMorgan Chase & Co. now owns 8,744,712 shares of the information technology services provider's stock worth $30,956,000 after purchasing an additional 2,566,388 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of Wipro by 97.9% in the 4th quarter. Fisher Asset Management LLC now owns 7,524,297 shares of the information technology services provider's stock valued at $26,636,000 after purchasing an additional 3,722,115 shares during the period. Institutional investors own 2.36% of the company's stock.

Wipro Stock Performance

Wipro stock traded up $0.01 during trading hours on Wednesday, hitting $3.08. The company had a trading volume of 5,519,681 shares, compared to its average volume of 4,946,480. The firm has a 50-day moving average of $2.90 and a 200 day moving average of $3.26. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.72 and a quick ratio of 2.71. The firm has a market cap of $32.22 billion, a PE ratio of 20.53, a PEG ratio of 8.85 and a beta of 1.02. Wipro Limited has a one year low of $2.63 and a one year high of $3.79.

Wipro (NYSE:WIT - Get Free Report) last announced its earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting analysts' consensus estimates of $0.04. The company had revenue of $2.62 billion for the quarter, compared to analyst estimates of $225.66 billion. Wipro had a return on equity of 15.97% and a net margin of 14.73%. On average, sell-side analysts expect that Wipro Limited will post 0.14 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on WIT. Wall Street Zen raised Wipro from a "hold" rating to a "buy" rating in a research report on Saturday, April 26th. Morgan Stanley raised Wipro from an "underweight" rating to an "equal weight" rating in a report on Friday, June 20th. Finally, Jefferies Financial Group cut Wipro from a "hold" rating to an "underperform" rating in a research note on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold".

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.