Wipro Limited $WIT Shares Sold by Rhumbline Advisers

Key Points

• Rhumbline Advisers reduced its stake in Wipro Limited by 23.8% during the first quarter, selling 832,501 shares and holding 2,668,724 shares valued at approximately $8.17 million thereafter.
• Wipro's stock opened at $2.79, with a market cap of $29.16 billion, and it has experienced a 0.9% decline recently.
• Wipro declared a $0.057 dividend with a yield of 409.9%, while Morgan Stanley upgraded its rating on the stock from "underweight" to "equal weight".

Rhumbline Advisers trimmed its position in shares of Wipro Limited (NYSE:WIT - Free Report) by 23.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,668,724 shares of the information technology services provider's stock after selling 832,501 shares during the quarter. Rhumbline Advisers' holdings in Wipro were worth $8,166,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in Wipro by 5.9% during 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 period. PNC Financial Services Group Inc. boosted its stake in 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 worth $658,000 after buying an additional 5,618 shares during the period. Focus Partners Advisor Solutions LLC boosted its stake in Wipro by 62.4% during the first quarter. Focus Partners Advisor Solutions LLC now owns 16,253 shares of the information technology services provider's stock worth $50,000 after buying an additional 6,245 shares during the period. Optas LLC boosted its stake in Wipro by 19.7% during the first quarter. Optas LLC now owns 41,314 shares of the information technology services provider's stock worth $126,000 after buying an additional 6,801 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in Wipro by 44.4% during the first 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 buying an additional 8,392 shares during the period. 2.36% of the stock is owned by hedge funds and other institutional investors.

Wipro Price Performance

Shares of WIT stock traded down $0.02 during mid-day trading on Friday, hitting $2.77. 3,783,329 shares of the stock traded hands, compared to its average volume of 5,139,821. The stock has a market cap of $29.00 billion, a P/E ratio of 17.87, a P/E/G ratio of 10.09 and a beta of 0.96. The stock's fifty day moving average is $2.82 and its two-hundred day moving average is $2.91. Wipro Limited has a 52-week low of $2.62 and a 52-week high of $3.79.

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

Wipro Cuts Dividend

The firm also recently declared a dividend, which was paid on Monday, August 18th. Investors of record on Monday, July 28th were issued a $0.057 dividend. This represents a yield of 409.9%. The ex-dividend date was Monday, July 28th. Wipro's dividend payout ratio is 62.50%.

Wall Street Analyst Weigh In

Separately, Morgan Stanley raised shares of Wipro from an "underweight" rating to an "equal weight" rating in a research note 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. Based on data from MarketBeat.com, the stock has an average rating of "Reduce".

About Wipro

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.