WPP (NYSE:WPP) Shares Gap Down – Here’s Why

WPP plc (NYSE:WPP) gapped down before the market opened on Tuesday . The stock had previously closed at $37.96, but opened at $35.55. WPP shares last traded at $35.40, with a volume of 127,071 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Kepler Capital Markets raised WPP from a “hold” rating to a “buy” rating in a research report on Friday, January 24th. Barclays cut WPP from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 28th. Finally, The Goldman Sachs Group initiated coverage on shares of WPP in a research note on Wednesday, March 26th. They set a “neutral” rating on the stock. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy”.

WPP Trading Down 4.7 %

The stock has a 50-day moving average price of $44.20 and a 200 day moving average price of $48.97. The stock has a market capitalization of $7.81 billion, a price-to-earnings ratio of 6.06, a PEG ratio of 7.06 and a beta of 1.20.

WPP Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Monday, July 7th. Stockholders of record on Friday, June 6th will be given a $0.9728 dividend. The ex-dividend date is Friday, June 6th. This is a boost from WPP’s previous semi-annual dividend of $0.95. This represents a dividend yield of 6.2%. WPP’s payout ratio is 8.04%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its position in WPP by 20.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 15,981 shares of the business services provider’s stock worth $818,000 after acquiring an additional 2,688 shares during the period. Cerity Partners LLC raised its position in shares of WPP by 34.3% during the 3rd quarter. Cerity Partners LLC now owns 13,504 shares of the business services provider’s stock worth $691,000 after purchasing an additional 3,452 shares during the last quarter. HighTower Advisors LLC lifted its stake in WPP by 22.5% in the 3rd quarter. HighTower Advisors LLC now owns 19,658 shares of the business services provider’s stock valued at $1,001,000 after buying an additional 3,615 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in WPP by 47.9% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,356,064 shares of the business services provider’s stock worth $274,016,000 after buying an additional 1,734,750 shares during the last quarter. Finally, Quantinno Capital Management LP increased its stake in WPP by 66.1% during the 3rd quarter. Quantinno Capital Management LP now owns 34,950 shares of the business services provider’s stock worth $1,788,000 after buying an additional 13,912 shares in the last quarter. Hedge funds and other institutional investors own 4.34% of the company’s stock.

WPP Company Profile

WPP plc, a creative transformation company, provides communications, experience, commerce, and technology services in North America, the United Kingdom, Western Continental Europe, the Asia Pacific, Latin America, Africa, the Middle East, and Central and Eastern Europe. The company operates through three segments: Global Integrated Agencies, Public Relations, and Specialist Agencies.