Wipro (NYSE:WIT) Releases Quarterly Earnings Results, Hits Estimates

Wipro (NYSE:WIT) posted its quarterly earnings results on Tuesday. The information technology services provider reported $0.07 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.07, MarketWatch Earnings reports. Wipro had a return on equity of 20.35% and a net margin of 17.83%. During the same period in the previous year, the company earned $0.06 earnings per share.

Shares of NYSE WIT traded up $0.19 during mid-day trading on Thursday, reaching $9.76. The company’s stock had a trading volume of 87,805 shares, compared to its average volume of 1,941,666. The firm has a market capitalization of $55.56 billion, a PE ratio of 34.82, a P/E/G ratio of 3.66 and a beta of 0.63. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.20 and a quick ratio of 2.20. The stock has a fifty day moving average of $9.11 and a two-hundred day moving average of $8.13. Wipro has a 52 week low of $4.76 and a 52 week high of $9.80.

Several research firms have recently weighed in on WIT. Zacks Investment Research upgraded Wipro from a “sell” rating to a “hold” rating in a research note on Wednesday, July 21st. Morgan Stanley upgraded Wipro from an “underweight” rating to an “equal weight” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. raised Wipro from an “underweight” rating to a “neutral” rating in a report on Thursday, September 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $7.12.

An institutional investor recently raised its position in Wipro stock. Morgan Stanley boosted its position in shares of Wipro Limited (NYSE:WIT) by 14.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,996,833 shares of the information technology services provider’s stock after buying an additional 383,499 shares during the period. Morgan Stanley owned approximately 0.05% of Wipro worth $23,406,000 as of its most recent SEC filing. Institutional investors and hedge funds own 2.28% of the company’s stock.

Wipro Company Profile

Wipro Ltd. is a global information technology, consulting and outsourcing company, which engages in the development and integration of solutions. It operates through the Information Technology Services, India State Run Enterprise (ISRE), and Information Technology Products segments. The Information Technology Services segment provides a range of IT and IT-enabled services, which include digital strategy advisory, customer-centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development, and hardware and software design to enterprises worldwide.

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Earnings History for Wipro (NYSE:WIT)

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