The Manufacturers Life Insurance Company Trims Stock Holdings in Alight, Inc. (NYSE:ALIT)

The Manufacturers Life Insurance Company decreased its position in Alight, Inc. (NYSE:ALIT) by 10.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 264,699 shares of the company’s stock after selling 30,321 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Alight were worth $1,959,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC increased its position in Alight by 15.1% during the 2nd quarter. Wedge Capital Management L L P NC now owns 584,574 shares of the company’s stock worth $4,314,000 after purchasing an additional 76,485 shares in the last quarter. Highland Peak Capital LLC purchased a new position in shares of Alight in the 3rd quarter valued at $5,315,000. Victory Capital Management Inc. lifted its holdings in shares of Alight by 28.3% during the 2nd quarter. Victory Capital Management Inc. now owns 6,160,609 shares of the company’s stock valued at $45,465,000 after acquiring an additional 1,358,020 shares in the last quarter. River Road Asset Management LLC boosted its position 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 purchasing an additional 286,133 shares during the period. Finally, Rhumbline Advisers increased its holdings 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 purchasing an additional 92,235 shares in the last quarter. 96.74% of the stock is currently owned by hedge funds and other institutional investors.

Alight Price Performance

Shares of NYSE:ALIT opened at $7.50 on Tuesday. The firm’s 50 day moving average is $7.46 and its two-hundred day moving average is $7.34. The firm has a market capitalization of $4.07 billion, a P/E ratio of -15.61 and a beta of 0.91. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.46. Alight, Inc. has a 52 week low of $6.15 and a 52 week high of $10.38.

Alight (NYSE:ALIT) last announced its quarterly 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 during the quarter, compared to analyst estimates of $538.39 million. During the same quarter in the previous year, the firm posted $0.07 EPS. The firm’s quarterly revenue was down .4% on a year-over-year basis. Analysts anticipate that Alight, Inc. will post 0.47 earnings per share for the current year.

Alight Announces Dividend

The company also recently announced a — dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a $0.04 dividend. The ex-dividend date of this dividend is Monday, December 2nd.

Insider Activity at Alight

In other Alight news, Director William P. Foley II sold 5,000,000 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $8.25, for a total transaction of $41,250,000.00. Following the completion of the sale, the director now directly owns 883,323 shares in the company, valued at $7,287,414.75. This represents a 84.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 value of $645,460.40. Following the completion of the sale, the insider now directly owns 223,327 shares in the company, valued at approximately $1,697,285.20. This represents a 27.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,334,929 shares of company stock worth $43,895,460. 5.33% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on ALIT. Needham & Company LLC upped their target price on Alight from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group increased their price objective on shares of Alight from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. cut shares of Alight from an “overweight” rating to a “neutral” rating and set a $8.00 target price on the stock. in a research report on Tuesday, August 20th. Citigroup lowered their price target 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. Finally, KeyCorp boosted their price objective on shares of 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 company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.