Bank of New York Mellon Corp Acquires 2,020,648 Shares of Alight, Inc. (NYSE:ALIT)

Bank of New York Mellon Corp lifted its stake in shares of Alight, Inc. (NYSE:ALIT - Free Report) by 94.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,155,792 shares of the company's stock after purchasing an additional 2,020,648 shares during the quarter. Bank of New York Mellon Corp owned about 0.77% of Alight worth $28,758,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Rubric Capital Management LP boosted its stake in Alight by 38.3% during the 3rd quarter. Rubric Capital Management LP now owns 11,646,679 shares of the company's stock valued at $86,185,000 after purchasing an additional 3,223,617 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in Alight during the fourth quarter valued at about $10,853,000. JPMorgan Chase & Co. grew its holdings in Alight by 202.8% during the third quarter. JPMorgan Chase & Co. now owns 1,864,038 shares of the company's stock worth $13,794,000 after acquiring an additional 1,248,465 shares during the period. Highland Peak Capital LLC acquired a new position in Alight during the third quarter worth about $5,315,000. Finally, Charles Schwab Investment Management Inc. raised its position in Alight by 16.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,898,593 shares of the company's stock worth $36,250,000 after acquiring an additional 699,375 shares in the last quarter. Institutional investors and hedge funds own 96.74% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ALIT shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $9.00 price objective on shares of Alight in a research note on Friday, February 21st. Canaccord Genuity Group raised their target price on shares of Alight from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Finally, KeyCorp upped their price target on Alight from $10.00 to $11.00 and gave the company an "overweight" rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $10.61.

Remove Ads

Alight Trading Up 0.6 %

Alight stock traded up $0.03 during midday trading on Wednesday, reaching $6.06. The stock had a trading volume of 7,310,548 shares, compared to its average volume of 6,579,170. Alight, Inc. has a twelve month low of $5.97 and a twelve month high of $10.38. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.30 and a quick ratio of 1.30. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of -20.35 and a beta of 0.94. The firm's fifty day simple moving average is $6.72 and its two-hundred day simple moving average is $7.11.

Alight (NYSE:ALIT - Get Free Report) last issued its earnings results on Thursday, February 20th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.04). Alight had a positive return on equity of 5.42% and a negative net margin of 5.53%. The business had revenue of $680.00 million during the quarter, compared to analyst estimates of $675.66 million. Equities analysts anticipate that Alight, Inc. will post 0.54 EPS for the current fiscal year.

Alight Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.16 annualized dividend and a yield of 2.64%. Alight's dividend payout ratio (DPR) is presently -53.33%.

Insider Activity

In other news, Director Robert A. Schriesheim acquired 22,092 shares of Alight stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average price of $6.79 per share, with a total value of $150,004.68. Following the completion of the transaction, the director now owns 22,092 shares in the company, valued at approximately $150,004.68. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard N. Massey bought 100,000 shares of the company's stock in a transaction on Monday, March 10th. The stock was purchased at an average cost of $6.39 per share, for a total transaction of $639,000.00. Following the completion of the transaction, the director now owns 1,573,489 shares in the company, valued at approximately $10,054,594.71. The trade was a 6.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.33% of the stock is owned by corporate insiders.

About Alight

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.