Edgestream Partners L.P. Trims Stake in Alight, Inc. (NYSE:ALIT)

Edgestream Partners L.P. reduced its holdings in shares of Alight, Inc. (NYSE:ALIT) by 39.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 352,104 shares of the company’s stock after selling 230,477 shares during the period. Edgestream Partners L.P.’s holdings in Alight were worth $2,437,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in Alight by 107.6% during the fourth quarter. Blue Trust Inc. now owns 3,336 shares of the company’s stock valued at $25,000 after buying an additional 1,729 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in Alight by 65.5% during the third quarter. Public Employees Retirement System of Ohio now owns 5,042 shares of the company’s stock valued at $37,000 after buying an additional 1,996 shares during the last quarter. Venturi Wealth Management LLC purchased a new stake in Alight during the fourth quarter valued at approximately $50,000. Oppenheimer & Co. Inc. purchased a new stake in Alight during the third quarter valued at approximately $74,000. Finally, Soros Fund Management LLC purchased a new stake in Alight during the third quarter valued at approximately $89,000. 96.74% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Robert A. Schriesheim bought 22,092 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average price of $6.79 per share, for a total transaction of $150,004.68. Following the completion of the transaction, the director now owns 22,092 shares in the company, valued at $150,004.68. The trade was a ? increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.33% of the stock is owned by company insiders.

Alight Stock Performance

Shares of NYSE ALIT opened at $6.38 on Monday. The firm has a fifty day moving average price of $6.75 and a 200-day moving average price of $7.13. 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 stock has a market cap of $3.46 billion, a PE ratio of -21.25 and a beta of 0.94. Alight, Inc. has a 1 year low of $6.15 and a 1 year high of $10.38.

Alight (NYSE:ALIT) last issued 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). Alight had a positive return on equity of 5.42% and a negative net margin of 5.53%. The company had revenue of $680.00 million for the quarter, compared to the consensus estimate of $675.66 million. Equities analysts anticipate that Alight, Inc. will post 0.54 earnings per share for the current fiscal year.

Alight Announces Dividend

The business 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 dividend yield of 2.51%. Alight’s dividend payout ratio is -53.33%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ALIT. KeyCorp upped their target price on shares of Alight from $10.00 to $11.00 and gave the company an “overweight” 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 note on Friday, February 21st. Finally, Canaccord Genuity Group increased their price objective on shares of Alight from $11.00 to $12.00 and gave the stock a “buy” rating in a research note 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, Alight currently has a consensus rating of “Moderate Buy” and a consensus 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.