Edgestream Partners L.P. Cuts Holdings in Alight, Inc. (NYSE:ALIT)

Edgestream Partners L.P. lowered its stake in Alight, Inc. (NYSE:ALIT - Free Report) by 39.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 352,104 shares of the company's stock after selling 230,477 shares during the quarter. Edgestream Partners L.P. owned about 0.06% of Alight worth $2,437,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ALIT. Raymond James Financial Inc. bought a new position in Alight during the fourth quarter valued at approximately $3,783,000. Arizona State Retirement System raised its stake in Alight by 6.4% during the fourth quarter. Arizona State Retirement System now owns 124,290 shares of the company's stock valued at $860,000 after purchasing an additional 7,448 shares in the last quarter. M&T Bank Corp lifted its position in Alight by 16.4% during the fourth quarter. M&T Bank Corp now owns 435,276 shares of the company's stock valued at $3,013,000 after purchasing an additional 61,271 shares during the last quarter. Atria Investments Inc grew its stake in shares of Alight by 15.1% in the 4th quarter. Atria Investments Inc now owns 38,137 shares of the company's stock worth $264,000 after buying an additional 4,993 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Alight by 11.9% during the 4th quarter. Victory Capital Management Inc. now owns 6,709,570 shares of the company's stock valued at $46,430,000 after buying an additional 712,912 shares in the last quarter. Hedge funds and other institutional investors own 96.74% of the company's stock.

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Insider Transactions at Alight

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

Alight Stock Down 2.4 %

Shares of NYSE:ALIT traded down $0.15 during trading hours on Thursday, hitting $5.92. The company's stock had a trading volume of 7,236,333 shares, compared to its average volume of 6,638,629. The firm's fifty day moving average price is $6.71 and its 200 day moving average price is $7.11. Alight, Inc. has a 52 week low of $5.87 and a 52 week high of $10.38. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of -19.72 and a beta of 0.94. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.30 and a quick ratio of 1.30.

Alight (NYSE:ALIT - Get Free Report) last posted its earnings results on Thursday, February 20th. The company reported $0.21 earnings per share for the quarter, missing analysts' consensus estimates of $0.25 by ($0.04). The company had revenue of $680.00 million for the quarter, compared to analysts' expectations of $675.66 million. Alight had a positive return on equity of 5.42% and a negative net margin of 5.53%. As a group, research analysts expect that Alight, Inc. will post 0.54 EPS for the current year.

Alight Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.16 dividend on an annualized basis and a yield of 2.70%. Alight's payout ratio is -53.33%.

Analysts Set New Price Targets

ALIT has been the subject of a number of recent research reports. Canaccord Genuity Group lifted their target price on Alight from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Needham & Company LLC reissued a "buy" rating and issued a $9.00 price objective on shares of Alight in a research report on Friday, February 21st. Finally, KeyCorp increased their price target on Alight from $10.00 to $11.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $10.61.

Alight 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.