Wipro (NYSE:WIT) Hits New 12-Month Low – What’s Next?

Wipro Limited (NYSE:WIT)’s stock price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $2.61 and last traded at $2.63, with a volume of 439619 shares changing hands. The stock had previously closed at $2.67.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley upgraded shares of Wipro from an “underweight” rating to an “equal weight” rating in a report on Friday, June 20th. Three research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Wipro presently has a consensus rating of “Reduce”.

Wipro Trading Down 0.6%

The business has a 50-day moving average price of $2.77 and a 200 day moving average price of $2.88. The stock has a market cap of $27.80 billion, a PE ratio of 17.13, a PEG ratio of 9.66 and a beta of 0.96.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Thursday, July 17th. The information technology services provider reported $0.04 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 firm had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $219.23 billion. On average, equities analysts predict that Wipro Limited will post 0.14 earnings per share for the current year.

Wipro Cuts Dividend

The business also recently disclosed a dividend, which was paid on Monday, August 18th. Investors of record on Monday, July 28th were issued a dividend of $0.057 per share. The ex-dividend date of this dividend was Monday, July 28th. This represents a yield of 409.9%. Wipro’s dividend payout ratio is 62.50%.

Institutional Trading of Wipro

A number of institutional investors have recently added to or reduced their stakes in the stock. R Squared Ltd raised its holdings in shares of Wipro by 16.0% in the 2nd quarter. R Squared Ltd now owns 27,810 shares of the information technology services provider’s stock valued at $84,000 after acquiring an additional 3,830 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of Wipro by 19.3% in the 2nd quarter. Tidal Investments LLC now owns 27,260 shares of the information technology services provider’s stock valued at $82,000 after acquiring an additional 4,403 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Wipro by 5.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 91,692 shares of the information technology services provider’s stock valued at $278,000 after acquiring an additional 5,103 shares in the last quarter. Cresset Asset Management LLC raised its holdings in shares of Wipro by 10.2% in the 2nd quarter. Cresset Asset Management LLC now owns 55,883 shares of the information technology services provider’s stock valued at $169,000 after acquiring an additional 5,166 shares in the last quarter. Finally, Barings LLC raised its holdings in shares of Wipro by 19.4% in the 2nd quarter. Barings LLC now owns 32,833 shares of the information technology services provider’s stock valued at $99,000 after acquiring an additional 5,329 shares in the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

About Wipro

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.