Zacks: Brokerages Expect Wipro Limited (NYSE:WIT) to Announce $0.06 EPS

Wall Street brokerages expect that Wipro Limited (NYSE:WIT) will report earnings of $0.06 per share for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Wipro’s earnings. Wipro posted earnings of $0.05 per share during the same quarter last year, which suggests a positive year over year growth rate of 20%. The company is expected to report its next earnings report before the market opens on Tuesday, October 15th.

On average, analysts expect that Wipro will report full-year earnings of $0.24 per share for the current fiscal year, with EPS estimates ranging from $0.23 to $0.25. For the next financial year, analysts anticipate that the company will report earnings of $0.25 per share, with EPS estimates ranging from $0.24 to $0.26. Zacks’ EPS averages are an average based on a survey of research firms that that provide coverage for Wipro.

Wipro (NYSE:WIT) last released its quarterly earnings results on Wednesday, July 17th. The information technology services provider reported $0.06 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.06. The company had revenue of $139.80 million during the quarter, compared to analysts’ expectations of $147.23 billion. Wipro had a net margin of 15.65% and a return on equity of 16.57%. The company’s revenue for the quarter was down 5.0% compared to the same quarter last year.

WIT has been the subject of several recent research reports. Goldman Sachs Group upgraded shares of Wipro from a “sell” rating to a “neutral” rating and reduced their target price for the stock from $3.47 to $3.46 in a report on Thursday, October 3rd. TheStreet cut shares of Wipro from a “b” rating to a “c+” rating in a report on Tuesday, September 3rd. Zacks Investment Research restated a “hold” rating on shares of Wipro in a report on Saturday. Wedbush restated an “underperform” rating on shares of Wipro in a report on Wednesday, July 17th. Finally, ValuEngine cut shares of Wipro from a “hold” rating to a “sell” rating in a report on Friday, August 2nd. Four analysts have rated the stock with a sell rating and four have given a hold rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $4.44.

A number of institutional investors and hedge funds have recently made changes to their positions in WIT. First Trust Advisors LP raised its position in Wipro by 38.7% during the first quarter. First Trust Advisors LP now owns 8,743,912 shares of the information technology services provider’s stock worth $34,801,000 after acquiring an additional 2,437,740 shares in the last quarter. Renaissance Technologies LLC raised its position in Wipro by 340.1% during the second quarter. Renaissance Technologies LLC now owns 2,361,267 shares of the information technology services provider’s stock worth $10,224,000 after acquiring an additional 1,824,700 shares in the last quarter. Schroder Investment Management Group raised its position in Wipro by 128.3% during the second quarter. Schroder Investment Management Group now owns 3,152,170 shares of the information technology services provider’s stock worth $13,649,000 after acquiring an additional 1,771,181 shares in the last quarter. Acadian Asset Management LLC raised its position in Wipro by 209.2% during the second quarter. Acadian Asset Management LLC now owns 1,210,058 shares of the information technology services provider’s stock worth $5,239,000 after acquiring an additional 818,719 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Wipro by 1,551.8% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 784,516 shares of the information technology services provider’s stock worth $3,397,000 after acquiring an additional 737,022 shares in the last quarter. Institutional investors and hedge funds own 2.22% of the company’s stock.

Shares of Wipro stock traded up $0.03 on Friday, hitting $3.66. The company had a trading volume of 714,642 shares, compared to its average volume of 1,261,024. Wipro has a twelve month low of $3.51 and a twelve month high of $4.63. The stock has a 50-day moving average of $3.69 and a 200-day moving average of $4.12. The firm has a market capitalization of $21.87 billion, a P/E ratio of 16.64, a P/E/G ratio of 1.41 and a beta of 0.50. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.71 and a quick ratio of 2.69.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services (BPS) company worldwide. The company's IT Services segment offers a range of IT and IT-enabled services, including digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, infrastructure services, analytics services, BPS, research and development services, and hardware and software design services to various enterprises.

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