Promethos Capital LLC Buys 1,396,969 Shares of Wipro Limited (NYSE:WIT)

Promethos Capital LLC boosted its holdings in Wipro Limited (NYSE:WIT - Free Report) by 100.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,793,938 shares of the information technology services provider's stock after acquiring an additional 1,396,969 shares during the quarter. Wipro accounts for approximately 3.5% of Promethos Capital LLC's investment portfolio, making the stock its 7th biggest holding. Promethos Capital LLC's holdings in Wipro were worth $9,891,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. StockNews.com upgraded shares of Wipro from a "hold" rating to a "buy" rating in a research report on Monday, January 20th. Jefferies Financial Group lowered shares of Wipro from a "hold" rating to an "underperform" rating in a research note on Tuesday, April 8th. Finally, UBS Group upgraded Wipro from a "sell" rating to a "neutral" rating in a report on Thursday, January 2nd. Two research analysts have rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold".

Wipro Stock Performance

Shares of WIT stock traded down $0.03 on Friday, hitting $2.71. The company had a trading volume of 5,394,346 shares, compared to its average volume of 5,065,976. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.07. The firm has a market cap of $28.29 billion, a P/E ratio of 18.66, a price-to-earnings-growth ratio of 3.08 and a beta of 0.96. The company has a 50-day moving average price of $3.16 and a 200-day moving average price of $4.55. Wipro Limited has a twelve month low of $2.55 and a twelve month high of $3.79.

Wipro (NYSE:WIT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share 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 net margin of 13.96% and a return on equity of 15.46%. As a group, equities research analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

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.