Leuthold Group LLC Increases Stake in Wipro Limited (NYSE:WIT)

Leuthold Group LLC boosted its stake in shares of Wipro Limited (NYSE:WIT) by 57.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 101,853 shares of the information technology services provider’s stock after acquiring an additional 37,035 shares during the quarter. Leuthold Group LLC’s holdings in Wipro were worth $567,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in WIT. Acadian Asset Management LLC boosted its stake in shares of Wipro by 50.1% in the third quarter. Acadian Asset Management LLC now owns 6,786,259 shares of the information technology services provider’s stock worth $32,837,000 after acquiring an additional 2,265,859 shares during the last quarter. Toroso Investments LLC purchased a new stake in shares of Wipro in the 3rd quarter valued at $5,591,000. Vanguard Group Inc. increased its holdings in Wipro by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 12,472,687 shares of the information technology services provider’s stock worth $60,368,000 after purchasing an additional 553,433 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Wipro by 107.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 955,404 shares of the information technology services provider’s stock worth $4,624,000 after purchasing an additional 495,695 shares during the period. Finally, Deutsche Bank AG increased its holdings in Wipro by 25.8% during the 3rd quarter. Deutsche Bank AG now owns 1,908,734 shares of the information technology services provider’s stock worth $9,238,000 after purchasing an additional 390,947 shares during the period. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

Wipro Stock Performance

Shares of WIT stock traded up $0.03 during trading hours on Tuesday, reaching $5.50. 427,144 shares of the company’s stock were exchanged, compared to its average volume of 2,918,661. The company has a market cap of $28.71 billion, a P/E ratio of 21.88, a price-to-earnings-growth ratio of 2.24 and a beta of 0.86. The company’s 50 day moving average is $5.73 and its two-hundred day moving average is $5.45. Wipro Limited has a 1 year low of $4.48 and a 1 year high of $6.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.29 and a quick ratio of 2.28.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on WIT shares. Wedbush upped their price objective on Wipro from $4.00 to $6.00 and gave the stock an “underperform” rating in a research report on Tuesday, January 16th. TheStreet raised Wipro from a “c+” rating to a “b-” rating in a research report on Friday, January 12th. BNP Paribas initiated coverage on Wipro in a research report on Wednesday, January 17th. They issued an “underperform” rating and a $5.20 target price for the company. Finally, StockNews.com cut Wipro from a “buy” rating to a “hold” rating in a research report on Wednesday, April 24th. Four equities research analysts have rated the stock with a sell rating and one has given a hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $5.05.

Wipro Profile

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.