Rhumbline Advisers Has $8.17 Million Holdings in Wipro Limited $WIT

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 lowered its stake in Wipro Limited (NYSE:WIT - Free Report) by 23.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 SEC.

A number of other large investors have also modified their holdings of the stock. Northern Trust Corp grew its stake in 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 valued at $9,484,000 after purchasing an additional 1,697,118 shares in the last quarter. Two Sigma Advisers LP boosted its position in Wipro by 143.1% during the 4th quarter. Two Sigma Advisers LP now owns 184,500 shares of the information technology services provider's stock worth $653,000 after acquiring an additional 108,600 shares during the period. D. E. Shaw & Co. Inc. boosted its position in Wipro by 105.9% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 204,612 shares of the information technology services provider's stock worth $724,000 after acquiring an additional 105,243 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Wipro by 5.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 91,692 shares of the information technology services provider's stock worth $278,000 after acquiring an additional 5,103 shares during the period. Finally, Dynamic Advisor Solutions LLC acquired a new position in Wipro during the 1st quarter worth $90,000. Institutional investors and hedge funds own 2.36% of the company's stock.

Analysts Set New Price Targets

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

Wipro Stock Up 3.4%

Shares of NYSE WIT traded up $0.10 during mid-day trading on Wednesday, hitting $2.88. 5,494,871 shares of the company traded hands, compared to its average volume of 6,182,011. Wipro Limited has a 1 year low of $2.62 and a 1 year high of $3.79. The stock has a market capitalization of $30.10 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 10.06 and a beta of 0.96. The business has a 50 day moving average of $2.80 and a two-hundred day moving average of $2.91.

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

Wipro Cuts Dividend

The business also recently announced a dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, July 28th were issued 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%.

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.