Bank of New York Mellon Corp Acquires 551,755 Shares of Alight, Inc. (NYSE:ALIT)

Bank of New York Mellon Corp raised its holdings in shares of Alight, Inc. (NYSE:ALIT) by 13.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,707,547 shares of the company’s stock after purchasing an additional 551,755 shares during the quarter. Bank of New York Mellon Corp owned 0.87% of Alight worth $27,916,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank purchased a new stake in shares of Alight during the fourth quarter worth about $35,045,000. Starboard Value LP boosted its position in Alight by 8.8% in the 4th quarter. Starboard Value LP now owns 47,228,000 shares of the company’s stock worth $326,818,000 after purchasing an additional 3,833,000 shares in the last quarter. Cooper Creek Partners Management LLC boosted its position in Alight by 23.1% in the 4th quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company’s stock worth $122,514,000 after purchasing an additional 3,322,705 shares in the last quarter. American Century Companies Inc. boosted its position in Alight by 214.0% in the 4th quarter. American Century Companies Inc. now owns 4,600,961 shares of the company’s stock worth $31,839,000 after purchasing an additional 3,135,846 shares in the last quarter. Finally, J. Goldman & Co LP raised its stake in shares of Alight by 105.3% during the 4th quarter. J. Goldman & Co LP now owns 5,774,590 shares of the company’s stock worth $39,960,000 after buying an additional 2,961,443 shares during the period. 96.74% of the stock is currently owned by institutional investors.

Alight Trading Up 1.4%

NYSE:ALIT opened at $5.58 on Thursday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47. The business’s 50 day moving average is $5.57 and its two-hundred day moving average is $5.95. Alight, Inc. has a 52 week low of $4.49 and a 52 week high of $8.93. The company has a market cap of $3.00 billion, a PE ratio of -39.82 and a beta of 1.00.

Alight (NYSE:ALIT) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). Alight had a positive return on equity of 5.74% and a negative net margin of 2.65%. The company had revenue of $548.00 million for the quarter, compared to analyst estimates of $542.66 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. On average, analysts predict that Alight, Inc. will post 0.54 EPS for the current year.

Alight Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend was Monday, June 2nd. Alight’s dividend payout ratio is presently -114.29%.

Analysts Set New Price Targets

Several analysts have issued reports on ALIT shares. Wedbush dropped their target price on Alight from $11.00 to $9.00 and set an “outperform” rating for the company in a report on Friday, May 9th. Needham & Company LLC restated a “buy” rating and set a $8.00 target price on shares of Alight in a report on Friday, June 20th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $10.00 price target on shares of Alight in a research report on Wednesday, March 26th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.86.

Insider Buying and Selling at Alight

In other Alight news, Director David D. Guilmette bought 50,000 shares of the firm’s stock in a transaction dated Tuesday, May 20th. The stock was acquired at an average price of $5.69 per share, with a total value of $284,500.00. Following the completion of the transaction, the director directly owned 600,750 shares in the company, valued at approximately $3,418,267.50. This represents a 9.08% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.93% of the stock is currently 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.