Wipro (NYSE:WIT) Shares Set to Split on Wednesday, December 11th

Wipro Limited (NYSE:WIT)’s stock is scheduled to split on Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly minted shares will be distributed to shareholders after the market closes on Tuesday, December 10th.

Wipro Stock Performance

NYSE:WIT traded up $0.09 during trading on Monday, reaching $7.07. The company’s stock had a trading volume of 3,722,246 shares, compared to its average volume of 2,511,022. Wipro has a 12 month low of $4.68 and a 12 month high of $7.12. The firm has a 50 day moving average of $6.59 and a 200-day moving average of $6.17. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69. The firm has a market cap of $36.94 billion, a price-to-earnings ratio of 26.33, a price-to-earnings-growth ratio of 4.72 and a beta of 0.89.

Wipro (NYSE:WIT) last released its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. Wipro had a net margin of 13.23% and a return on equity of 14.98%. The firm had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.66 billion. Research analysts expect that Wipro will post 0.27 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Investec cut Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. StockNews.com cut shares of Wipro from a “buy” rating to a “hold” rating in a research note on Monday, November 18th. Three analysts have rated the stock with a sell rating, one has given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $5.60.

Hedge Funds Weigh In On Wipro

A number of institutional investors have recently made changes to their positions in WIT. Public Employees Retirement System of Ohio purchased a new position in Wipro in the third quarter worth $696,000. XTX Topco Ltd purchased a new position in shares of Wipro during the 3rd quarter valued at about $347,000. State Street Corp lifted its position in Wipro by 0.8% in the 3rd quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock worth $70,157,000 after buying an additional 87,682 shares during the last quarter. Quantinno Capital Management LP purchased a new stake in Wipro in the third quarter worth approximately $702,000. Finally, Centiva Capital LP purchased a new position in shares of Wipro during the third quarter worth approximately $140,000. Institutional investors own 2.36% of the company’s stock.

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.