5,064,284 Shares in Alight, Inc. (NYSE:ALIT) Acquired by Norges Bank

Norges Bank bought a new stake in Alight, Inc. (NYSE:ALIT) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 5,064,284 shares of the company’s stock, valued at approximately $35,045,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in shares of Alight by 202.8% during the third quarter. JPMorgan Chase & Co. now owns 1,864,038 shares of the company’s stock worth $13,794,000 after buying an additional 1,248,465 shares during the period. Weiss Asset Management LP purchased a new position in Alight during the 3rd quarter valued at about $1,512,000. Geode Capital Management LLC grew its position in Alight by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 10,068,446 shares of the company’s stock valued at $74,521,000 after acquiring an additional 77,948 shares in the last quarter. State Street Corp grew its position in Alight by 1.2% in the 3rd quarter. State Street Corp now owns 11,905,766 shares of the company’s stock valued at $88,103,000 after acquiring an additional 141,828 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Alight by 148.2% during the third quarter. Barclays PLC now owns 815,841 shares of the company’s stock worth $6,037,000 after purchasing an additional 487,185 shares in the last quarter. Hedge funds and other institutional investors own 96.74% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ALIT. Needham & Company LLC restated a “buy” rating and issued a $9.00 price objective on shares of Alight in a report on Monday, March 24th. DA Davidson restated a “buy” rating and issued a $10.00 price target on shares of Alight in a research note on Wednesday, March 26th. Finally, Wedbush reiterated an “outperform” rating and issued a $11.00 price objective on shares of Alight in a research note on Tuesday, March 25th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.19.

Insiders Place Their Bets

In related news, Director Richard N. Massey purchased 100,000 shares of the business’s stock in a transaction that occurred 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 purchase, the director now directly owns 1,573,489 shares of the company’s stock, valued at $10,054,594.71. The trade was a 6.79 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert A. Schriesheim acquired 22,092 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was bought at an average price 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 represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 125,092 shares of company stock valued at $807,755. 5.33% of the stock is owned by corporate insiders.

Alight Price Performance

Shares of ALIT opened at $4.77 on Friday. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of -15.88 and a beta of 0.97. The firm’s fifty day simple moving average is $6.42 and its 200-day simple moving average is $6.95. Alight, Inc. has a twelve month low of $4.72 and a twelve month high of $9.58. 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 (NYSE:ALIT) last posted its quarterly 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 business had revenue of $680.00 million during the quarter, compared to analyst estimates of $675.66 million. Alight had a negative net margin of 5.53% and a positive return on equity of 5.42%. Equities analysts forecast that Alight, Inc. will post 0.54 EPS for the current fiscal year.

Alight Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were paid a $0.04 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.16 annualized dividend and a yield of 3.36%. Alight’s dividend payout ratio is currently -53.33%.

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.