OLD Mission Capital LLC Boosts Stake in Wipro Limited $WIT

Key Points

• OLD Mission Capital LLC significantly increased its position in Wipro Limited by 201.2%, owning 591,503 shares worth approximately $1.81 million after the purchase.
• The stock of Wipro is currently down by 1.2%, with a recent trading price of $2.77, reflecting challenges in the market.
• Wipro recently cut its dividend, declaring a payment of $0.057 per share, which represents a significant yield of 409.9%.

OLD Mission Capital LLC boosted its holdings in shares of Wipro Limited (NYSE:WIT - Free Report) by 201.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 591,503 shares of the information technology services provider's stock after buying an additional 395,120 shares during the period. OLD Mission Capital LLC's holdings in Wipro were worth $1,810,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Wipro by 5.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 91,692 shares of the information technology services provider's stock worth $278,000 after buying an additional 5,103 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Wipro by 2.7% during the first quarter. PNC Financial Services Group Inc. now owns 215,015 shares of the information technology services provider's stock valued at $658,000 after buying an additional 5,618 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Wipro by 10.1% in the 4th quarter. Geode Capital Management LLC now owns 68,860 shares of the information technology services provider's stock valued at $244,000 after acquiring an additional 6,323 shares during the period. Optas LLC raised its stake in Wipro by 19.7% in the 1st quarter. Optas LLC now owns 41,314 shares of the information technology services provider's stock worth $126,000 after acquiring an additional 6,801 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in Wipro by 44.4% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 27,272 shares of the information technology services provider's stock worth $83,000 after acquiring an additional 8,392 shares during the last quarter. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley raised Wipro from an "underweight" rating to an "equal weight" rating in a report on Friday, June 20th. Three investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Reduce".

Wipro Price Performance

WIT traded down $0.03 on Friday, reaching $2.71. 1,549,245 shares of the company's stock were exchanged, compared to its average volume of 6,092,050. Wipro Limited has a twelve month low of $2.62 and a twelve month high of $3.79. The stock has a market cap of $28.32 billion, a PE ratio of 17.45, a P/E/G ratio of 10.09 and a beta of 0.96. The stock's fifty day moving average price is $2.85 and its 200-day moving average price is $2.95.

Wipro (NYSE:WIT - Get Free Report) last issued its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 EPS for the quarter, hitting analysts' consensus estimates of $0.04. The company had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $219.23 billion. Wipro had a net margin of 15.07% and a return on equity of 15.94%. As a group, research analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal 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 $0.057 dividend. The ex-dividend date was Monday, July 28th. This represents a yield of 409.9%. Wipro's dividend payout ratio (DPR) is currently 62.50%.

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.