Wipro (NYSE:WIT) Reaches New 52-Week Low at $6.74

Wipro Limited (NYSE:WITGet Rating)’s share price reached a new 52-week low on Tuesday . The stock traded as low as $6.74 and last traded at $6.83, with a volume of 17631 shares trading hands. The stock had previously closed at $6.90.

Several equities analysts have recently issued reports on WIT shares. Zacks Investment Research cut Wipro from a “hold” rating to a “sell” rating in a report on Friday. CLSA raised Wipro from an “underperform” rating to an “outperform” rating in a report on Monday, February 21st. Jefferies Financial Group raised Wipro from an “underperform” rating to a “hold” rating and decreased their price objective for the company from $8.55 to $7.70 in a report on Friday, February 4th. Macquarie started coverage on Wipro in a report on Monday, April 11th. They issued a “neutral” rating for the company. Finally, StockNews.com started coverage on Wipro in a report on Thursday, March 31st. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Wipro presently has an average rating of “Hold” and an average price target of $8.31.

The company has a market cap of $37.60 billion, a price-to-earnings ratio of 23.31, a PEG ratio of 2.45 and a beta of 0.78. The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.08. The business has a fifty day moving average of $7.55 and a two-hundred day moving average of $8.39.

The firm also recently declared a dividend, which was paid on Wednesday, April 6th. Investors of record on Wednesday, April 6th were issued a $0.059 dividend. This is a boost from Wipro’s previous dividend of $0.02. The ex-dividend date of this dividend was Tuesday, April 5th. Wipro’s dividend payout ratio is presently 24.14%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PDS Planning Inc raised its holdings in Wipro by 40.2% in the 1st quarter. PDS Planning Inc now owns 28,709 shares of the information technology services provider’s stock worth $221,000 after purchasing an additional 8,236 shares during the period. Veriti Management LLC raised its holdings in shares of Wipro by 6.1% during the first quarter. Veriti Management LLC now owns 74,676 shares of the information technology services provider’s stock valued at $576,000 after acquiring an additional 4,302 shares during the last quarter. Nordea Investment Management AB lifted its position in shares of Wipro by 9.5% in the first quarter. Nordea Investment Management AB now owns 3,822,193 shares of the information technology services provider’s stock valued at $29,794,000 after acquiring an additional 331,459 shares in the last quarter. Evergreen Capital Management LLC lifted its position in shares of Wipro by 48.5% in the fourth quarter. Evergreen Capital Management LLC now owns 15,376 shares of the information technology services provider’s stock valued at $150,000 after acquiring an additional 5,025 shares in the last quarter. Finally, BlackRock Inc. lifted its position in shares of Wipro by 1.9% in the fourth quarter. BlackRock Inc. now owns 15,524,488 shares of the information technology services provider’s stock valued at $151,518,000 after acquiring an additional 282,112 shares in the last quarter. 2.30% of the stock is owned by institutional investors.

Wipro Company Profile (NYSE:WIT)

Wipro Limited operates as 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 consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, infrastructure, analytics, business process, research and development, and hardware and software design services to enterprises.

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