Wipro (NYSE:WIT) Issues Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Wipro (NYSE:WIT) issued its earnings results on Tuesday. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.01), MarketWatch Earnings reports. Wipro had a net margin of 17.33% and a return on equity of 21.07%. During the same period in the prior year, the company posted $0.07 EPS.

Shares of Wipro stock traded down $0.81 on Wednesday, reaching $8.70. The company had a trading volume of 8,149,799 shares, compared to its average volume of 2,731,301. The firm’s 50-day moving average price is $9.06 and its two-hundred day moving average price is $8.92. Wipro has a 1 year low of $6.09 and a 1 year high of $9.96. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.30 and a quick ratio of 2.30. The firm has a market cap of $47.67 billion, a price-to-earnings ratio of 30.00, a P/E/G ratio of 3.71 and a beta of 0.66.

WIT has been the topic of several recent analyst reports. JPMorgan Chase & Co. raised Wipro from an “underweight” rating to a “neutral” rating in a research note on Thursday, September 30th. Morgan Stanley raised Wipro from an “underweight” rating to an “equal weight” rating in a research note on Thursday, October 14th. Finally, Zacks Investment Research raised Wipro from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research note on Tuesday, January 4th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Wipro presently has an average rating of “Hold” and an average price target of $8.62.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its holdings in Wipro by 5.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 53,121 shares of the information technology services provider’s stock valued at $468,000 after acquiring an additional 2,743 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Wipro by 6.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 82,362 shares of the information technology services provider’s stock worth $727,000 after buying an additional 5,209 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Wipro by 26.0% in the 2nd quarter. Wells Fargo & Company MN now owns 188,787 shares of the information technology services provider’s stock worth $1,475,000 after buying an additional 38,988 shares during the period. Finally, Morgan Stanley lifted its holdings in shares of Wipro by 14.7% in the 2nd quarter. Morgan Stanley now owns 2,996,833 shares of the information technology services provider’s stock worth $23,406,000 after buying an additional 383,499 shares during the period. Institutional investors own 2.37% of the company’s stock.

About Wipro

Wipro Ltd. is a global information technology, consulting and outsourcing company, which engages in the development and integration of solutions. It operates through the Information Technology Services, India State Run Enterprise (ISRE), and Information Technology Products segments. The Information Technology Services segment 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 to enterprises worldwide.

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Earnings History for Wipro (NYSE:WIT)

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