LMR Partners LLP Cuts Stock Holdings in Wipro Limited (NYSE:WIT)

LMR Partners LLP reduced its stake in shares of Wipro Limited (NYSE:WIT - Free Report) by 10.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 897,852 shares of the information technology services provider's stock after selling 107,851 shares during the quarter. LMR Partners LLP's holdings in Wipro were worth $5,818,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. QRG Capital Management Inc. grew its stake in Wipro by 89.5% in the first quarter. QRG Capital Management Inc. now owns 24,171 shares of the information technology services provider's stock worth $139,000 after purchasing an additional 11,415 shares in the last quarter. O Shaughnessy Asset Management LLC grew its position in shares of Wipro by 165.0% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 277,964 shares of the information technology services provider's stock worth $1,598,000 after buying an additional 173,072 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of Wipro by 154.1% during the first quarter. Lazard Asset Management LLC now owns 855,496 shares of the information technology services provider's stock valued at $4,919,000 after buying an additional 518,866 shares during the period. Bayesian Capital Management LP bought a new stake in shares of Wipro in the first quarter valued at about $311,000. Finally, Jane Street Group LLC lifted its stake in Wipro by 292.0% in the first quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider's stock worth $7,732,000 after acquiring an additional 1,001,644 shares during the period. 2.36% of the stock is currently owned by institutional investors.

Wipro Stock Performance

Shares of WIT stock traded up $0.12 during mid-day trading on Tuesday, reaching $6.82. The stock had a trading volume of 1,731,277 shares, compared to its average volume of 2,491,708. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08. Wipro Limited has a 1-year low of $4.67 and a 1-year high of $7.04. The firm has a market cap of $35.61 billion, a price-to-earnings ratio of 25.22, a PEG ratio of 4.54 and a beta of 0.89. The business's fifty day moving average is $6.55 and its 200-day moving average is $6.13.

Wipro (NYSE:WIT - Get Free Report) last announced its quarterly earnings data on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, meeting the consensus estimate of $0.07. The business had revenue of $2.66 billion during the quarter, compared to analysts' expectations of $2.66 billion. Wipro had a net margin of 13.23% and a return on equity of 14.98%. On average, research analysts forecast that Wipro Limited will post 0.27 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on WIT shares. StockNews.com cut Wipro from a "buy" rating to a "hold" rating in a research report on Monday. Investec cut Wipro from a "hold" rating to a "sell" rating in a research note on Thursday, October 3rd. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $5.60.

Wipro Company 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.