Allianz Asset Management GmbH Sells 429,240 Shares of Wipro Limited $WIT

Allianz Asset Management GmbH trimmed its stake in shares of Wipro Limited (NYSE:WIT) by 20.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,643,982 shares of the information technology services provider’s stock after selling 429,240 shares during the quarter. Allianz Asset Management GmbH’s holdings in Wipro were worth $4,965,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the business. Sequoia Financial Advisors LLC grew its position in shares of Wipro by 55.8% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 582,930 shares of the information technology services provider’s stock worth $1,760,000 after buying an additional 208,891 shares during the last quarter. Vest Financial LLC bought a new stake in shares of Wipro in the 2nd quarter worth approximately $31,000. Vanguard Personalized Indexing Management LLC grew its position in shares of Wipro by 11.3% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 1,202,675 shares of the information technology services provider’s stock worth $3,634,000 after buying an additional 122,058 shares during the last quarter. Johnson Investment Counsel Inc. bought a new stake in shares of Wipro in the 2nd quarter worth approximately $111,000. Finally, Natural Investments LLC grew its position in shares of Wipro by 21.3% in the 2nd quarter. Natural Investments LLC now owns 42,464 shares of the information technology services provider’s stock worth $128,000 after buying an additional 7,456 shares during the last quarter. 2.36% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Wipro in a research report on Wednesday, October 8th. CLSA lowered Wipro from an “outperform” rating to a “hold” rating in a research report on Monday. Five equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Wipro presently has a consensus rating of “Reduce”.

Wipro Stock Up 0.2%

NYSE WIT opened at $2.73 on Friday. Wipro Limited has a twelve month low of $2.58 and a twelve month high of $3.79. The firm has a market capitalization of $28.53 billion, a PE ratio of 18.17, a P/E/G ratio of 16.47 and a beta of 1.00. The stock’s 50 day moving average is $2.73 and its 200 day moving average is $2.84.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Thursday, October 16th. The information technology services provider reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). The company had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $224.40 billion. Wipro had a net margin of 15.06% and a return on equity of 15.80%. On average, research analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

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.