Promethos Capital LLC Has $9.89 Million Position in Wipro Limited (NYSE:WIT)

Promethos Capital LLC raised its stake in Wipro Limited (NYSE:WIT - Free Report) by 100.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,793,938 shares of the information technology services provider's stock after purchasing an additional 1,396,969 shares during the period. Wipro makes up approximately 3.5% of Promethos Capital LLC's holdings, making the stock its 7th biggest position. Promethos Capital LLC's holdings in Wipro were worth $9,891,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Ridgewood Investments LLC boosted its stake in Wipro by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider's stock worth $25,000 after buying an additional 3,557 shares in the last quarter. Bell Investment Advisors Inc boosted its position in shares of Wipro by 100.0% during the 4th quarter. Bell Investment Advisors Inc now owns 7,262 shares of the information technology services provider's stock valued at $26,000 after acquiring an additional 3,631 shares in the last quarter. Sierra Ocean LLC bought a new stake in Wipro in the fourth quarter valued at about $29,000. Farther Finance Advisors LLC raised its position in Wipro by 148.3% in the fourth quarter. Farther Finance Advisors LLC now owns 8,123 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 4,851 shares in the last quarter. Finally, Freestone Capital Holdings LLC bought a new position in Wipro during the fourth quarter worth about $36,000. Institutional investors own 2.36% of the company's stock.

Wipro Price Performance

Shares of WIT stock traded down $0.03 during trading hours on Friday, hitting $2.71. 5,394,346 shares of the company's stock were exchanged, compared to its average volume of 5,057,503. The stock's 50-day moving average is $3.14 and its 200-day moving average is $4.52. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.83 and a quick ratio of 2.83. Wipro Limited has a 52 week low of $2.55 and a 52 week high of $3.79. The stock has a market cap of $28.29 billion, a price-to-earnings ratio of 18.66, a price-to-earnings-growth ratio of 3.08 and a beta of 0.96.

Wipro (NYSE:WIT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. The firm had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $225.66 billion. Wipro had a return on equity of 15.46% and a net margin of 13.96%. As a group, research analysts forecast that Wipro Limited will post 0.14 EPS for the current year.

Analysts Set New Price Targets

WIT has been the subject of a number of recent research reports. StockNews.com cut Wipro from a "buy" rating to a "hold" rating in a report on Friday. Jefferies Financial Group cut Wipro from a "hold" rating to an "underperform" rating in a report on Tuesday, April 8th. Finally, UBS Group upgraded shares of Wipro from a "sell" rating to a "neutral" rating in a research report on Thursday, January 2nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Wipro has an average rating of "Hold".

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.