Shell Asset Management Co. Takes Position in Wipro Limited (WIT)
Shell Asset Management Co. acquired a new position in shares of Wipro Limited (NYSE:WIT) during the second quarter, Holdings Channel reports. The institutional investor acquired 154,800 shares of the information technology services provider’s stock, valued at approximately $805,000.
A number of other large investors also recently added to or reduced their stakes in WIT. Fox Run Management L.L.C. bought a new stake in Wipro Limited during the first quarter worth $109,000. Signaturefd LLC bought a new stake in Wipro Limited during the first quarter worth $115,000. Teza Capital Management LLC bought a new stake in Wipro Limited during the first quarter worth $122,000. Nationwide Fund Advisors bought a new stake in Wipro Limited during the first quarter worth $136,000. Finally, Brandes Investment Partners LP bought a new stake in Wipro Limited during the first quarter worth $138,000. 1.37% of the stock is currently owned by institutional investors.
Wipro Limited (WIT) opened at 6.13 on Friday. The company has a market cap of $29.66 billion, a PE ratio of 22.37 and a beta of 0.87. The company has a 50-day moving average of $5.65 and a 200 day moving average of $5.15. Wipro Limited has a 52-week low of $4.50 and a 52-week high of $6.40.
Wipro Limited (NYSE:WIT) last posted its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.01. Wipro Limited had a net margin of 15.46% and a return on equity of 16.53%. The business had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.05 billion. Equities research analysts predict that Wipro Limited will post $0.27 EPS for the current year.
Wipro Limited announced that its Board of Directors has authorized a share repurchase plan on Thursday, July 20th that authorizes the company to repurchase $1.70 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to buy up to 6.1% of its stock through a tender offer. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
WIT has been the topic of a number of recent research reports. BidaskClub downgraded Wipro Limited from a “strong-buy” rating to a “buy” rating in a report on Thursday. Zacks Investment Research raised Wipro Limited from a “sell” rating to a “hold” rating in a report on Wednesday, June 28th. Bank of America Corporation lifted their price objective on Wipro Limited from $250.00 to $277.00 and gave the company a “neutral” rating in a report on Friday, July 21st. Finally, Jefferies Group LLC downgraded Wipro Limited from a “hold” rating to an “underperform” rating in a report on Tuesday, June 6th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $140.63.
Wipro Limited Company Profile
Wipro Limited (Wipro) is a global information technology (IT) services provider. It operates through two segments: IT Services and IT Products. The Company’s IT Services business provides a range of IT and IT-enabled services, which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development and hardware and software design.
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