Connor Clark & Lunn Investment Management Ltd. Buys 3,359,066 Shares of Wipro Limited (NYSE:WIT)

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Wipro Limited (NYSE:WIT) by 208.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,969,385 shares of the information technology services provider’s stock after acquiring an additional 3,359,066 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Wipro were worth $17,592,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Ridgewood Investments LLC raised its stake in shares of Wipro by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 3,557 shares during the period. Bell Investment Advisors Inc boosted its holdings in shares of Wipro by 100.0% during the fourth quarter. Bell Investment Advisors Inc now owns 7,262 shares of the information technology services provider’s stock worth $26,000 after acquiring an additional 3,631 shares during the period. Sierra Ocean LLC bought a new stake in shares of Wipro in the fourth quarter valued at approximately $29,000. Farther Finance Advisors LLC boosted its stake in shares of Wipro by 148.3% in the fourth quarter. Farther Finance Advisors LLC now owns 8,123 shares of the information technology services provider’s stock valued at $29,000 after buying an additional 4,851 shares during the period. Finally, Freestone Capital Holdings LLC bought a new stake in shares of Wipro in the fourth quarter valued at approximately $36,000. 2.36% of the stock is currently owned by institutional investors.

Wipro Stock Down 1.5 %

Shares of NYSE:WIT opened at $3.04 on Friday. The company has a fifty day moving average of $3.50 and a 200-day moving average of $5.18. The company has a market capitalization of $31.74 billion, a PE ratio of 20.93, a price-to-earnings-growth ratio of 3.08 and a beta of 0.94. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.83 and a current ratio of 2.83. Wipro Limited has a 52-week low of $2.55 and a 52-week high of $3.79.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Friday, January 17th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. On average, equities analysts predict that Wipro Limited will post 0.14 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on WIT. StockNews.com upgraded shares of Wipro from a “hold” rating to a “buy” rating in a research report on Monday, January 20th. HSBC upgraded shares of Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. Finally, UBS Group upgraded shares of Wipro from a “sell” rating to a “neutral” rating in a report on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

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.