Ritholtz Wealth Management Reduces Stock Position in Wipro Limited $WIT

Key Points

• Ritholtz Wealth Management reduced its stake in Wipro Limited by 44.6% in the second quarter, now holding 133,067 shares valued at $402,000.
• Multiple large investors have made adjustments to their positions in Wipro, with Mirae Asset Global Investments increasing its stake by 5.9% and Natural Investments LLC raising its holdings by 21.3%.
• Wipro's stock has received a mixture of ratings, with analysts currently favoring a "Hold" stance, although it recently reported earnings per share that fell short of expectations.

Ritholtz Wealth Management cut its stake in Wipro Limited (NYSE:WIT - Free Report) by 44.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 133,067 shares of the information technology services provider's stock after selling 106,971 shares during the period. Ritholtz Wealth Management's holdings in Wipro were worth $402,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. grew its position 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 valued at $278,000 after purchasing an additional 5,103 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Wipro by 2.7% in 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 acquiring an additional 5,618 shares during the last quarter. HB Wealth Management LLC lifted its holdings in Wipro by 12.2% in the second quarter. HB Wealth Management LLC now owns 53,733 shares of the information technology services provider's stock valued at $162,000 after acquiring an additional 5,856 shares during the last quarter. Focus Partners Advisor Solutions LLC lifted its holdings in Wipro by 62.4% in the first quarter. Focus Partners Advisor Solutions LLC now owns 16,253 shares of the information technology services provider's stock valued at $50,000 after acquiring an additional 6,245 shares during the last quarter. Finally, Natural Investments LLC lifted its holdings in Wipro by 21.3% in the second quarter. Natural Investments LLC now owns 42,464 shares of the information technology services provider's stock valued at $128,000 after acquiring an additional 7,456 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

A number of research analysts recently commented on the company. CLSA cut Wipro from an "outperform" rating to a "hold" rating in a report on Monday. Weiss Ratings reiterated a "hold (c+)" rating on shares of Wipro in a report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Wipro presently has an average rating of "Reduce".

Wipro Stock Down 0.2%

Shares of NYSE WIT opened at $2.64 on Tuesday. The firm has a market cap of $27.59 billion, a price-to-earnings ratio of 17.57, a PEG ratio of 15.98 and a beta of 1.00. Wipro Limited has a 52-week low of $2.58 and a 52-week high of $3.79. The business's 50 day moving average is $2.73 and its two-hundred day moving average is $2.84.

Wipro (NYSE:WIT - Get Free Report) last announced its earnings results on Thursday, October 16th. The information technology services provider reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.01). The firm had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $224.40 billion. Wipro had a net margin of 15.06% and a return on equity of 15.70%. Analysts anticipate that Wipro Limited will post 0.14 EPS for the current fiscal year.

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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