Alight, Inc. (NYSE:ALIT) Position Reduced by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its holdings in shares of Alight, Inc. (NYSE:ALIT) by 36.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor 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 filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Natixis Advisors LLC raised its stake in shares of Alight by 13.5% in the 2nd quarter. Natixis Advisors LLC now owns 198,263 shares of the company’s stock valued at $1,463,000 after acquiring an additional 23,520 shares in the last quarter. CIBC Asset Management Inc bought a new position in shares of Alight in the 2nd quarter worth $105,000. Rhumbline Advisers raised its holdings in Alight by 13.9% in the second quarter. Rhumbline Advisers now owns 757,020 shares of the company’s stock worth $5,587,000 after purchasing an additional 92,235 shares during the period. Victory Capital Management Inc. raised its holdings 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 during the period. Finally, Arizona State Retirement System raised its position in Alight by 8.1% in the 2nd quarter. Arizona State Retirement System now owns 107,340 shares of the company’s stock valued at $792,000 after buying an additional 8,043 shares during the last quarter. 96.74% of the stock is currently owned by institutional investors and hedge funds.

Alight Stock Up 1.6 %

Shares of NYSE:ALIT opened at $6.90 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.30 and a current ratio of 1.30. Alight, Inc. has a 52-week low of $6.15 and a 52-week high of $10.38. The business’s 50 day simple moving average is $7.36 and its two-hundred day simple moving average is $7.26. The firm has a market cap of $3.75 billion, a P/E ratio of -14.37 and a beta of 0.95.

Alight (NYSE:ALIT) last issued its earnings results on Tuesday, November 12th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.09. Alight had a positive return on equity of 5.61% and a negative net margin of 7.95%. The company had revenue of $555.00 million for the quarter, compared to analysts’ expectations of $538.39 million. During the same period last year, the business earned $0.07 EPS. Alight’s quarterly revenue was down .4% compared to the same quarter last year. As a group, research analysts forecast that Alight, Inc. will post 0.47 EPS for the current fiscal year.

Alight Announces Dividend

The firm also recently announced a — dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a $0.04 dividend. The ex-dividend date of this dividend was Monday, December 2nd.

Insider Activity at Alight

In other news, Director William P. Foley II sold 5,000,000 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $8.25, for a total value of $41,250,000.00. Following the completion of the sale, the director now owns 883,323 shares in the company, valued at $7,287,414.75. This represents a 84.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Gregory A. George sold 84,929 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $7.60, for a total transaction of $645,460.40. Following the transaction, the insider now directly owns 223,327 shares in the company, valued at $1,697,285.20. The trade was a 27.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,334,929 shares of company stock valued at $43,895,460. 5.33% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Canaccord Genuity Group upped their target price on shares of Alight from $11.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. KeyCorp boosted their target price on shares of Alight from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, Needham & Company LLC lifted their price target on shares of Alight from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $10.83.

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.