Lazard Asset Management LLC Raises Stock Holdings in Wipro Limited (NYSE:WIT)

Lazard Asset Management LLC raised its position in shares of Wipro Limited (NYSE:WIT) by 154.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 855,496 shares of the information technology services provider’s stock after buying an additional 518,866 shares during the quarter. Lazard Asset Management LLC’s holdings in Wipro were worth $4,919,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Wipro by 4.6% in the third quarter. Vanguard Group Inc. now owns 12,472,687 shares of the information technology services provider’s stock worth $60,368,000 after acquiring an additional 553,433 shares during the last quarter. Ritholtz Wealth Management increased its stake in Wipro by 23.4% during the 4th quarter. Ritholtz Wealth Management now owns 42,231 shares of the information technology services provider’s stock valued at $235,000 after purchasing an additional 8,011 shares in the last quarter. Blue Trust Inc. increased its stake in Wipro by 63.1% during the 4th quarter. Blue Trust Inc. now owns 22,312 shares of the information technology services provider’s stock valued at $124,000 after purchasing an additional 8,634 shares in the last quarter. Caprock Group LLC raised its holdings in Wipro by 11.0% in the fourth quarter. Caprock Group LLC now owns 84,347 shares of the information technology services provider’s stock worth $470,000 after buying an additional 8,338 shares during the last quarter. Finally, Essex Savings Bank bought a new position in shares of Wipro in the fourth quarter worth approximately $67,000. Institutional investors own 2.36% of the company’s stock.

Wipro Trading Up 0.3 %

WIT stock opened at $6.22 on Monday. The company has a market capitalization of $32.46 billion, a price-to-earnings ratio of 24.64, a PEG ratio of 4.23 and a beta of 0.90. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.70 and a quick ratio of 2.70. Wipro Limited has a 1-year low of $4.48 and a 1-year high of $7.01. The business has a 50 day simple moving average of $5.88 and a two-hundred day simple moving average of $5.81.

Wipro (NYSE:WIT) last posted its earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting the consensus estimate of $0.07. The company had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.65 billion. Wipro had a net margin of 12.57% and a return on equity of 15.01%. During the same period last year, the company posted $0.06 earnings per share. Research analysts anticipate that Wipro Limited will post 0.27 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on WIT. Nomura began coverage on Wipro in a research report on Tuesday, July 2nd. They set a “buy” rating on the stock. Nomura Securities upgraded Wipro to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, StockNews.com cut Wipro from a “buy” rating to a “hold” rating in a research report on Friday. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $5.30.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.