Bank of New York Mellon Corp Grows Stock Holdings in Wipro Limited (NYSE:WIT)

Bank of New York Mellon Corp raised its position in shares of Wipro Limited (NYSE:WIT) by 178.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 70,881 shares of the information technology services provider’s stock after purchasing an additional 45,430 shares during the period. Bank of New York Mellon Corp’s holdings in Wipro were worth $217,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in WIT. Vanguard Group Inc. raised its position in Wipro by 92.0% during the fourth quarter. Vanguard Group Inc. now owns 23,359,346 shares of the information technology services provider’s stock valued at $82,692,000 after purchasing an additional 11,196,013 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Wipro in the fourth quarter worth about $20,008,000. BNP Paribas Financial Markets increased its holdings in shares of Wipro by 36.4% in the fourth quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider’s stock worth $55,925,000 after buying an additional 4,215,981 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Wipro by 41.5% in the fourth quarter. JPMorgan Chase & Co. now owns 8,744,712 shares of the information technology services provider’s stock worth $30,956,000 after buying an additional 2,566,388 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Wipro by 172.8% in the fourth quarter. Northern Trust Corp now owns 2,679,066 shares of the information technology services provider’s stock worth $9,484,000 after buying an additional 1,697,118 shares during the period. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wall Street Analysts Forecast Growth

WIT has been the topic of several analyst reports. Morgan Stanley upgraded Wipro from an “underweight” rating to an “equal weight” rating in a report on Friday, June 20th. Wall Street Zen upgraded Wipro from a “hold” rating to a “buy” rating in a report on Saturday, April 26th. Finally, Jefferies Financial Group downgraded Wipro from a “hold” rating to an “underperform” rating in a report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold”.

Wipro Price Performance

Shares of NYSE:WIT opened at $2.69 on Wednesday. Wipro Limited has a 1 year low of $2.63 and a 1 year high of $3.79. The company has a market cap of $28.14 billion, a PE ratio of 17.35, a P/E/G ratio of 9.73 and a beta of 0.93. The stock’s 50-day moving average is $2.95 and its 200 day moving average is $3.09.

Wipro (NYSE:WIT) last announced its quarterly earnings results on Thursday, July 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 return on equity of 15.94% and a net margin of 15.07%. The company had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $219.23 billion. Analysts expect that Wipro Limited will post 0.14 EPS 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.