WPP (NYSE:WPP) Issues Earnings Results, Misses Estimates By $3.52 EPS

WPP (NYSE:WPP) posted its quarterly earnings results on Thursday. The business services provider reported ($0.80) EPS for the quarter, missing the consensus estimate of $2.72 by ($3.52), FiscalAI reports. The business had revenue of $4.54 billion for the quarter, compared to the consensus estimate of $3.62 billion.

WPP Stock Performance

WPP traded up $0.20 during midday trading on Thursday, reaching $18.93. 668,100 shares of the company’s stock were exchanged, compared to its average volume of 598,162. WPP has a 1-year low of $17.25 and a 1-year high of $41.87. The business’s 50-day moving average price is $20.79 and its 200 day moving average price is $22.31.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Weiss Ratings reissued a “sell (d+)” rating on shares of WPP in a report on Wednesday, January 21st. Wall Street Zen cut WPP from a “hold” rating to a “sell” rating in a report on Sunday, February 8th. Zacks Research upgraded shares of WPP from a “strong sell” rating to a “hold” rating in a report on Monday, December 29th. Finally, Citigroup started coverage on shares of WPP in a research note on Monday, January 12th. They set a “neutral” rating for the company. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce”.

Institutional Trading of WPP

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can raised its stake in WPP by 385.3% in the 4th quarter. Bank of Montreal Can now owns 451,182 shares of the business services provider’s stock valued at $10,134,000 after purchasing an additional 358,218 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of WPP by 1,082.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 254,389 shares of the business services provider’s stock valued at $5,714,000 after purchasing an additional 232,878 shares during the last quarter. Tower Research Capital LLC TRC grew its position in WPP by 3,840.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 136,135 shares of the business services provider’s stock valued at $3,058,000 after acquiring an additional 132,680 shares during the period. OLD Mission Capital LLC purchased a new position in WPP in the fourth quarter valued at approximately $2,123,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of WPP by 12.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 861,579 shares of the business services provider’s stock valued at $21,555,000 after acquiring an additional 94,162 shares in the last quarter. Hedge funds and other institutional investors own 4.34% of the company’s stock.

WPP Company Profile

WPP plc (NYSE: WPP) is a British multinational advertising and public relations company headquartered in London, England. Recognized as one of the world’s largest communications services groups, WPP provides a wide array of marketing, advertising, media investment management and data consultancy services. Through its integrated network of agencies—among them Ogilvy, Grey, GroupM and Wavemaker—the company delivers creative content, brand strategy, digital transformation and media planning solutions to clients across virtually every industry.

Established in 1971 by Martin Sorrell as Wire and Plastic Products, the firm underwent a strategic transformation in the 1980s, focusing on acquisitions that expanded its capabilities into advertising and communications.