Principal Financial Group Inc. Has $219,000 Holdings in Alight, Inc. (NYSE:ALIT)

Principal Financial Group Inc. cut its stake in Alight, Inc. (NYSE:ALIT) by 36.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,592 shares of the company’s stock after selling 16,986 shares during the period. Principal Financial Group Inc.’s holdings in Alight were worth $219,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Wedge Capital Management L L P NC raised its position in Alight by 15.1% in the 2nd quarter. Wedge Capital Management L L P NC now owns 584,574 shares of the company’s stock valued at $4,314,000 after purchasing an additional 76,485 shares during the last quarter. Victory Capital Management Inc. lifted its position in Alight by 28.3% during the 2nd quarter. Victory Capital Management Inc. now owns 6,160,609 shares of the company’s stock worth $45,465,000 after buying an additional 1,358,020 shares in the last quarter. River Road Asset Management LLC grew its holdings in Alight by 2.9% during the 3rd quarter. River Road Asset Management LLC now owns 9,988,254 shares of the company’s stock worth $73,913,000 after acquiring an additional 286,133 shares during the last quarter. Rhumbline Advisers increased its position in Alight by 13.9% in the 2nd quarter. Rhumbline Advisers now owns 757,020 shares of the company’s stock valued at $5,587,000 after acquiring an additional 92,235 shares in the last quarter. Finally, Chicago Capital LLC bought a new position in shares of Alight in the second quarter worth about $3,357,000. 96.74% of the stock is currently owned by institutional investors and hedge funds.

Alight Price Performance

Alight stock opened at $8.09 on Tuesday. The stock has a market cap of $4.39 billion, a P/E ratio of -16.85 and a beta of 0.87. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average price is $7.36 and its two-hundred day moving average price is $7.35. Alight, Inc. has a 52 week low of $6.15 and a 52 week high of $10.38.

Alight (NYSE:ALIT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.09 EPS for the quarter, hitting analysts’ consensus estimates of $0.09. Alight had a negative net margin of 7.95% and a positive return on equity of 5.61%. The company had revenue of $555.00 million for the quarter, compared to analysts’ expectations of $538.39 million. During the same quarter in the previous year, the firm posted $0.07 EPS. Alight’s revenue was down .4% on a year-over-year basis. On average, equities analysts predict that Alight, Inc. will post 0.47 earnings per share for the current year.

Alight Announces Dividend

The business also recently announced a — dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.04 per share. The ex-dividend date is Monday, December 2nd.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ALIT. JPMorgan Chase & Co. lowered shares of Alight from an “overweight” rating to a “neutral” rating and set a $8.00 target price on the stock. in a research note on Tuesday, August 20th. Citigroup lowered their target price on shares of Alight from $12.00 to $11.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Canaccord Genuity Group increased their price target on Alight from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Wedbush reduced their price target on Alight from $12.00 to $10.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Finally, KeyCorp increased their target price on Alight from $10.00 to $11.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.95.

Insider Activity

In other Alight news, insider Gregory A. George sold 84,929 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $7.60, for a total value of $645,460.40. Following the transaction, the insider now directly owns 223,327 shares in the company, valued at $1,697,285.20. This represents a 27.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William P. Foley II sold 5,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $8.25, for a total transaction of $41,250,000.00. Following the completion of the transaction, the director now owns 883,323 shares in the company, valued at approximately $7,287,414.75. This trade represents a 84.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 5.33% of the company’s stock.

Alight Company Profile

Alight, Inc provides cloud-based integrated digital human capital and business solutions worldwide. The company operates through two segments, Employer Solutions and Professional Services. The Employer Solutions segment offers employee wellbeing, integrated benefits administration, healthcare navigation, financial wellbeing, leave of absence management, retiree healthcare and payroll; and operates AI-led capabilities software.