Wipro (NYSE:WIT) Hits New 1-Year Low – Time to Sell?

Wipro Limited (NYSE:WIT) shares hit a new 52-week low on Thursday . The company traded as low as $2.61 and last traded at $2.63, with a volume of 7913732 shares trading hands. The stock had previously closed at $2.63.

Wall Street Analyst Weigh In

Separately, Morgan Stanley upgraded shares of Wipro from an “underweight” rating to an “equal weight” rating in a research note on Friday, June 20th. Three research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Wipro currently has an average rating of “Reduce”.

Wipro Trading Down 0.2%

The firm has a market cap of $27.48 billion, a PE ratio of 16.94 and a beta of 1.00. The stock has a 50 day simple moving average of $2.75 and a 200-day simple moving average of $2.88.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 analyst estimates of $219.23 billion. On average, equities research analysts expect that Wipro Limited will post 0.14 EPS 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 paid a $0.057 dividend. This represents a yield of 409.9%. The ex-dividend date was Monday, July 28th. Wipro’s dividend payout ratio is presently 62.50%.

Institutional Investors Weigh In On Wipro

A number of institutional investors have recently bought and sold shares of the business. Corient Private Wealth LLC grew its position in shares of Wipro by 8.8% during the second quarter. Corient Private Wealth LLC now owns 593,578 shares of the information technology services provider’s stock valued at $1,793,000 after purchasing an additional 47,952 shares in the last quarter. Evergreen Capital Management LLC grew its position in shares of Wipro by 325.2% during the second quarter. Evergreen Capital Management LLC now owns 134,483 shares of the information technology services provider’s stock valued at $406,000 after purchasing an additional 102,853 shares in the last quarter. Tidal Investments LLC grew its position in shares of Wipro by 19.3% during the second quarter. Tidal Investments LLC now owns 27,260 shares of the information technology services provider’s stock valued at $82,000 after purchasing an additional 4,403 shares in the last quarter. LMR Partners LLP grew its position in shares of Wipro by 174.7% during the second quarter. LMR Partners LLP now owns 1,417,767 shares of the information technology services provider’s stock valued at $4,282,000 after purchasing an additional 901,587 shares in the last quarter. Finally, EP Wealth Advisors LLC purchased a new position in shares of Wipro during the second quarter valued at about $61,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.

About Wipro

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.