OLD Mission Capital LLC Has $1.81 Million Position 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 lifted its holdings in shares of Wipro Limited (NYSE:WIT - Free Report) by 201.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 591,503 shares of the information technology services provider's stock after purchasing an additional 395,120 shares during the quarter. OLD Mission Capital LLC's holdings in Wipro were worth $1,810,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of WIT. Geode Capital Management LLC grew its holdings in shares of Wipro by 10.1% during the fourth quarter. Geode Capital Management LLC now owns 68,860 shares of the information technology services provider's stock worth $244,000 after buying an additional 6,323 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Wipro by 116.5% during the fourth quarter. Wells Fargo & Company MN now owns 16,370 shares of the information technology services provider's stock worth $58,000 after buying an additional 8,808 shares in the last quarter. Envestnet Asset Management Inc. bought a new position in shares of Wipro during the fourth quarter worth about $56,000. Barclays PLC bought a new position in shares of Wipro during the fourth quarter worth about $461,000. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Wipro by 115.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,843,118 shares of the information technology services provider's stock worth $6,525,000 after buying an additional 988,042 shares in the last quarter. 2.36% of the stock is currently owned by institutional investors.

Wipro Stock Down 1.2%

WIT stock opened at $2.77 on Friday. The business has a 50 day moving average price of $2.88 and a two-hundred day moving average price of $2.97. The company has a market cap of $28.92 billion, a price-to-earnings ratio of 17.84, a P/E/G ratio of 10.06 and a beta of 0.93. Wipro Limited has a twelve month low of $2.62 and a twelve month high of $3.79.

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

Wipro Cuts Dividend

The business 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. This represents a yield of 409.9%. The ex-dividend date was Monday, July 28th. Wipro's dividend payout ratio (DPR) is currently 62.50%.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley upgraded Wipro from an "underweight" rating to an "equal weight" rating in a report 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. According to MarketBeat.com, the company currently has a consensus rating of "Reduce".

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.

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