Mirae Asset Global Investments Co. Ltd. Acquires 7,394 Shares of Wipro Limited $WIT

Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Wipro Limited (NYSE:WIT) by 8.1% during the 2nd quarter, HoldingsChannel reports. The firm owned 99,086 shares of the information technology services provider’s stock after purchasing an additional 7,394 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Wipro were worth $299,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Hamilton Capital LLC bought a new position in shares of Wipro during the 1st quarter valued at about $32,000. CogentBlue Wealth Advisors LLC bought a new stake in Wipro in the 1st quarter valued at approximately $37,000. Legacy Advisors LLC acquired a new position in Wipro during the 1st quarter worth approximately $40,000. Hoxton Planning & Management LLC bought a new position in shares of Wipro during the 1st quarter worth approximately $48,000. Finally, Focus Partners Advisor Solutions LLC raised its holdings in shares of Wipro by 62.4% in the first quarter. Focus Partners Advisor Solutions LLC now owns 16,253 shares of the information technology services provider’s stock valued at $50,000 after purchasing an additional 6,245 shares during the last quarter. Institutional investors own 2.36% of the company’s stock.

Wipro Trading Down 1.5%

Shares of WIT opened at $2.68 on Friday. Wipro Limited has a 1-year low of $2.58 and a 1-year high of $3.79. The company’s fifty day simple moving average is $2.73 and its 200 day simple moving average is $2.86. The company has a market cap of $28.06 billion, a price-to-earnings ratio of 17.29 and a beta of 1.00.

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 the consensus estimate of $0.04. Wipro had a return on equity of 15.94% and a net margin of 15.07%.The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $219.23 billion. As a group, research analysts forecast that Wipro Limited will post 0.14 earnings per share for the current year.

Wipro Cuts Dividend

The firm also recently declared a dividend, which was paid on Monday, August 18th. Shareholders 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 (DPR) is currently 62.50%.

Analyst Ratings Changes

A number of research firms have recently issued reports on WIT. Morgan Stanley upgraded shares of Wipro from an “underweight” rating to an “equal weight” rating in a report on Friday, June 20th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Wipro in a report on Wednesday. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce”.

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.