Prudential Financial Inc. Raises Position in Alight, Inc. (NYSE:ALIT)

Prudential Financial Inc. boosted its position in Alight, Inc. (NYSE:ALIT) by 39.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 525,010 shares of the company’s stock after purchasing an additional 148,350 shares during the period. Prudential Financial Inc.’s holdings in Alight were worth $3,633,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. American Century Companies Inc. grew its stake in shares of Alight by 214.0% during the 4th quarter. American Century Companies Inc. now owns 4,600,961 shares of the company’s stock worth $31,839,000 after acquiring an additional 3,135,846 shares during the period. Bank of New York Mellon Corp boosted its position in Alight by 94.6% during the fourth quarter. Bank of New York Mellon Corp now owns 4,155,792 shares of the company’s stock worth $28,758,000 after purchasing an additional 2,020,648 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of Alight in the fourth quarter worth about $10,853,000. JPMorgan Chase & Co. raised its position in shares of Alight by 202.8% in the third quarter. JPMorgan Chase & Co. now owns 1,864,038 shares of the company’s stock valued at $13,794,000 after purchasing an additional 1,248,465 shares during the period. Finally, Victory Capital Management Inc. lifted its stake 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. 96.74% of the stock is owned by institutional investors.

Alight Price Performance

Alight stock opened at $5.82 on Wednesday. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of -19.38 and a beta of 0.94. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.46. The business has a 50-day simple moving average of $6.52 and a 200 day simple moving average of $6.99. Alight, Inc. has a 52 week low of $5.76 and a 52 week high of $9.64.

Alight (NYSE:ALIT) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.04). The business 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%. On average, research analysts forecast that Alight, Inc. will post 0.54 earnings per share for the current fiscal year.

Alight Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 2.75%. The ex-dividend date was Monday, March 3rd. Alight’s dividend payout ratio (DPR) is currently -53.33%.

Analyst Upgrades and Downgrades

ALIT has been the subject of a number of recent research reports. DA Davidson reiterated a “buy” rating and issued a $10.00 price objective on shares of Alight in a research note on Wednesday, March 26th. Wedbush reiterated an “outperform” rating and set a $11.00 price objective on shares of Alight in a research note on Tuesday, March 25th. Finally, Needham & Company LLC restated a “buy” rating and issued a $9.00 target price on shares of Alight in a research note on Monday, March 24th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Alight has an average rating of “Moderate Buy” and an average price target of $10.19.

Insider Transactions at Alight

In other Alight news, Director Robert A. Schriesheim purchased 22,092 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were purchased at an average cost of $6.79 per share, with a total value of $150,004.68. Following the completion of the purchase, the director now owns 22,092 shares of the company’s stock, valued at $150,004.68. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Richard N. Massey acquired 100,000 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was acquired at an average cost of $6.39 per share, with a total value of $639,000.00. Following the purchase, the director now directly owns 1,573,489 shares in the company, valued at $10,054,594.71. This represents a 6.79 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 125,092 shares of company stock valued at $807,755. Insiders own 5.33% of the company’s stock.

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.