Allianz Asset Management GmbH Lowers Holdings in Wipro Limited $WIT

Allianz Asset Management GmbH decreased its stake in shares of Wipro Limited (NYSE:WIT) by 20.7% in the second quarter, Holdings Channel reports. The institutional investor 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 SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC raised its stake in Wipro by 55.8% during the second quarter. Sequoia Financial Advisors LLC now owns 582,930 shares of the information technology services provider’s stock valued at $1,760,000 after buying an additional 208,891 shares during the last quarter. Vest Financial LLC purchased a new position in shares of Wipro in the second quarter worth $31,000. Vanguard Personalized Indexing Management LLC raised its stake in shares of Wipro by 11.3% in the second 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 purchasing an additional 122,058 shares during the last quarter. Johnson Investment Counsel Inc. purchased a new position in shares of Wipro in the second quarter worth $111,000. Finally, Natural Investments LLC raised its stake in shares of Wipro by 21.3% in the second quarter. Natural Investments LLC now owns 42,464 shares of the information technology services provider’s stock worth $128,000 after purchasing an additional 7,456 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Weiss Ratings restated a “hold (c+)” rating on shares of Wipro in a research note on Wednesday, October 8th. CLSA cut Wipro from an “outperform” rating to a “hold” rating in a research note on Monday. Five analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce”.

Wipro Stock Performance

Wipro stock opened at $2.73 on Friday. The stock has a market cap of $28.53 billion, a PE ratio of 18.17, a price-to-earnings-growth ratio of 16.47 and a beta of 1.00. Wipro Limited has a one year low of $2.58 and a one year high of $3.79. The stock has a fifty day moving average of $2.73 and a 200 day moving average of $2.84.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Thursday, October 16th. The information technology services provider reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). The firm 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%. As a group, sell-side analysts predict that Wipro Limited will post 0.14 EPS for the current fiscal year.

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.