Wipro (WIT) Posts Earnings Results, Meets Estimates

Wipro (NYSE:WIT) issued its quarterly earnings data on Friday. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.06, Morningstar.com reports. Wipro had a net margin of 15.77% and a return on equity of 16.14%.

Shares of Wipro (NYSE:WIT) traded down $0.16 during midday trading on Friday, hitting $5.61. 1,231,126 shares of the stock were exchanged, compared to its average volume of 1,163,300. The firm has a market capitalization of $28,587.38, a PE ratio of 20.40, a P/E/G ratio of 2.77 and a beta of 0.74. Wipro has a 52-week low of $4.50 and a 52-week high of $6.40. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.53 and a quick ratio of 2.52.

Separately, Zacks Investment Research upgraded shares of Wipro from a “hold” rating to a “buy” rating and set a $6.00 price objective for the company in a report on Friday, October 20th. Four equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company’s stock. Wipro has an average rating of “Hold” and a consensus target price of $141.50.

A number of institutional investors have recently added to or reduced their stakes in WIT. Legal & General Group Plc boosted its holdings in Wipro by 100.0% during the second quarter. Legal & General Group Plc now owns 22,720 shares of the information technology services provider’s stock worth $118,000 after purchasing an additional 11,360 shares during the last quarter. SG Americas Securities LLC purchased a new position in Wipro during the second quarter worth about $132,000. Nationwide Fund Advisors boosted its holdings in Wipro by 100.0% during the second quarter. Nationwide Fund Advisors now owns 26,596 shares of the information technology services provider’s stock worth $138,000 after purchasing an additional 13,298 shares during the last quarter. Citigroup Inc. boosted its holdings in Wipro by 104.9% during the second quarter. Citigroup Inc. now owns 31,223 shares of the information technology services provider’s stock worth $162,000 after purchasing an additional 15,988 shares during the last quarter. Finally, QS Investors LLC boosted its holdings in Wipro by 100.0% during the second quarter. QS Investors LLC now owns 31,554 shares of the information technology services provider’s stock worth $164,000 after purchasing an additional 15,777 shares during the last quarter. Institutional investors and hedge funds own 2.36% of the company’s stock.

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About Wipro

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.

Earnings History for Wipro (NYSE:WIT)

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