Beacon Financial Group Invests $38,000 in Wipro Limited (NYSE:WIT)

Beacon Financial Group bought a new stake in Wipro Limited (NYSE:WIT) during the fourth quarter, HoldingsChannel reports. The fund bought 10,600 shares of the information technology services provider’s stock, valued at approximately $38,000.

A number of other large investors have also added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of Wipro by 0.8% in the 3rd quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock worth $70,157,000 after purchasing an additional 87,682 shares in the last quarter. Fisher Asset Management LLC lifted its position in Wipro by 72.2% in the 3rd quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock worth $24,638,000 after buying an additional 1,593,619 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in Wipro by 147.1% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 3,562,214 shares of the information technology services provider’s stock worth $12,610,000 after buying an additional 2,120,454 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Wipro by 116.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock valued at $10,435,000 after acquiring an additional 867,516 shares during the last quarter. Finally, Creative Planning grew its position in Wipro by 24.6% during the third quarter. Creative Planning now owns 1,337,344 shares of the information technology services provider’s stock valued at $8,666,000 after acquiring an additional 263,925 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wipro Stock Down 1.4 %

Shares of NYSE WIT opened at $3.63 on Thursday. The firm’s fifty day moving average is $3.95 and its 200 day moving average is $5.57. Wipro Limited has a 52 week low of $2.55 and a 52 week high of $3.79. 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 company has a market cap of $37.96 billion, a price-to-earnings ratio of 25.04, a PEG ratio of 3.13 and a beta of 0.91.

Wipro (NYSE:WIT) last released its quarterly earnings data on Friday, January 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.04. Wipro had a net margin of 13.96% and a return on equity of 15.46%. On average, equities research analysts expect that Wipro Limited will post 0.14 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on WIT shares. HSBC upgraded shares of Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. StockNews.com upgraded shares of Wipro from a “hold” rating to a “buy” rating in a research report on Monday, January 20th. Finally, UBS Group upgraded Wipro from a “sell” rating to a “neutral” rating in a report on Thursday, January 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy”.

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.