Graham Capital Management L.P. Raises Position in Wipro Limited $WIT

Key Points

• Graham Capital Management L.P. increased its stake in Wipro Limited by 40.5%, acquiring 127,440 additional shares, bringing its total holdings to 442,474 shares, valued at approximately $1.35 million.
• Wipro recently reported an EPS of $0.04 for the quarter, aligning with consensus estimates, and had quarterly revenue of $2.58 billion.
• Wipro's stock is currently rated "Reduce" by analysts, with most ratings being hold or sell, following a recent upgrade by Morgan Stanley.

Graham Capital Management L.P. boosted its stake in Wipro Limited (NYSE:WIT - Free Report) by 40.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 442,474 shares of the information technology services provider's stock after acquiring an additional 127,440 shares during the period. Graham Capital Management L.P.'s holdings in Wipro were worth $1,354,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in WIT. Wells Fargo & Company MN increased its position in Wipro by 116.5% during the 4th quarter. Wells Fargo & Company MN now owns 16,370 shares of the information technology services provider's stock worth $58,000 after purchasing an additional 8,808 shares during the period. Envestnet Asset Management Inc. acquired a new position in Wipro during the 4th quarter worth approximately $56,000. Barclays PLC purchased a new stake in shares of Wipro during the 4th quarter worth approximately $461,000. Dimensional Fund Advisors LP boosted its stake in shares of Wipro by 115.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,843,118 shares of the information technology services provider's stock worth $6,525,000 after acquiring an additional 988,042 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Wipro by 172.8% during the 4th quarter. Northern Trust Corp now owns 2,679,066 shares of the information technology services provider's stock worth $9,484,000 after acquiring an additional 1,697,118 shares in the last quarter. Institutional investors and hedge funds own 2.36% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley raised Wipro from an "underweight" rating to an "equal weight" rating in a research note on Friday, June 20th. Three equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Reduce".

Wipro Stock Performance

WIT stock traded up $0.02 on Monday, reaching $2.75. The company had a trading volume of 1,714,355 shares, compared to its average volume of 6,091,239. Wipro Limited has a 1 year low of $2.62 and a 1 year high of $3.79. The company's fifty day moving average is $2.85 and its 200 day moving average is $2.94. The company has a market cap of $28.74 billion, a P/E ratio of 17.71, a PEG ratio of 9.95 and a beta of 0.96.

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 firm had revenue of $2.58 billion for the quarter, compared to analyst estimates of $219.23 billion. On average, sell-side analysts predict that Wipro Limited will post 0.14 earnings per share for the current year.

Wipro Cuts Dividend

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