Ovata Capital Management Ltd Decreases Stake in Wipro Limited $WIT

Ovata Capital Management Ltd cut its holdings in Wipro Limited (NYSE:WIT) by 33.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,719,500 shares of the information technology services provider’s stock after selling 880,500 shares during the period. Wipro comprises about 1.2% of Ovata Capital Management Ltd’s holdings, making the stock its 20th largest position. Ovata Capital Management Ltd’s holdings in Wipro were worth $5,333,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Vest Financial LLC acquired a new position in shares of Wipro during the 2nd quarter valued at about $31,000. Hamilton Capital LLC acquired a new stake in shares of Wipro during the 1st quarter valued at approximately $32,000. Haven Private LLC acquired a new stake in Wipro in the second quarter worth $39,000. Rehmann Capital Advisory Group acquired a new position in shares of Wipro during the second quarter valued at $40,000. Finally, Hoxton Planning & Management LLC bought a new position in Wipro during the first quarter valued at about $48,000. Institutional investors and hedge funds own 2.36% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on WIT shares. CLSA lowered Wipro from an “outperform” rating to a “hold” rating in a research report on Monday, October 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Wipro in a research note on Thursday, October 30th. Five research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce”.

Wipro Stock Up 1.9%

NYSE:WIT opened at $2.63 on Thursday. The firm has a market capitalization of $27.54 billion, a price-to-earnings ratio of 17.53, a P/E/G ratio of 16.16 and a beta of 1.02. Wipro Limited has a 12-month low of $2.57 and a 12-month high of $3.79. The stock’s 50 day moving average price is $2.71 and its two-hundred day moving average price is $2.83.

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). Wipro had a return on equity of 15.80% and a net margin of 15.06%.The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $224.40 billion. Equities research analysts expect that Wipro Limited will post 0.14 EPS for the current year.

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.