Lazard Asset Management LLC Acquires 1,237,734 Shares of Wipro Limited (NYSE:WIT)

Lazard Asset Management LLC raised its holdings in shares of Wipro Limited (NYSE:WIT) by 210.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,824,878 shares of the information technology services provider’s stock after purchasing an additional 1,237,734 shares during the quarter. Lazard Asset Management LLC’s holdings in Wipro were worth $6,460,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Kathmere Capital Management LLC bought a new stake in shares of Wipro in the 4th quarter worth about $69,000. Essex Savings Bank lifted its holdings in shares of Wipro by 100.0% in the 4th quarter. Essex Savings Bank now owns 27,310 shares of the information technology services provider’s stock worth $96,000 after acquiring an additional 13,655 shares during the last quarter. Ritholtz Wealth Management lifted its holdings in shares of Wipro by 127.9% in the 4th quarter. Ritholtz Wealth Management now owns 259,503 shares of the information technology services provider’s stock worth $919,000 after acquiring an additional 145,629 shares during the last quarter. Cherrydale Wealth Management LLC lifted its holdings in shares of Wipro by 100.0% in the 4th quarter. Cherrydale Wealth Management LLC now owns 41,168 shares of the information technology services provider’s stock worth $146,000 after acquiring an additional 20,584 shares during the last quarter. Finally, HB Wealth Management LLC lifted its holdings in shares of Wipro by 100.0% in the 4th quarter. HB Wealth Management LLC now owns 35,556 shares of the information technology services provider’s stock worth $126,000 after acquiring an additional 17,778 shares during the last quarter. Institutional investors own 2.36% of the company’s stock.

Wipro Trading Up 1.0%

WIT stock opened at $3.00 on Friday. The company has a market capitalization of $31.38 billion, a PE ratio of 20.69, a P/E/G ratio of 3.08 and a beta of 1.03. Wipro Limited has a 12 month low of $2.55 and a 12 month high of $3.79. The firm’s 50-day moving average is $2.93 and its 200 day moving average is $4.05. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.83 and a quick ratio of 2.83.

Wipro (NYSE:WIT) last posted its quarterly earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. The company had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $225.66 billion. Wipro had a net margin of 13.96% and a return on equity of 15.46%. On average, research analysts anticipate that Wipro Limited will post 0.14 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on WIT. Jefferies Financial Group lowered shares of Wipro from a “hold” rating to an “underperform” rating in a report on Tuesday, April 8th. StockNews.com raised shares of Wipro from a “hold” rating to a “buy” rating in a research note on Saturday, April 26th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold”.

Wipro 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.