Empyrean Capital Partners LP Trims Holdings in Alight, Inc. (NYSE:ALIT)

Empyrean Capital Partners LP lowered its stake in shares of Alight, Inc. (NYSE:ALIT - Free Report) by 19.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,000,000 shares of the company's stock after selling 2,150,000 shares during the period. Alight accounts for approximately 2.8% of Empyrean Capital Partners LP's portfolio, making the stock its 11th biggest holding. Empyrean Capital Partners LP owned 1.66% of Alight worth $62,280,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC raised its holdings in shares of Alight by 148.2% during the 3rd quarter. Barclays PLC now owns 815,841 shares of the company's stock valued at $6,037,000 after buying an additional 487,185 shares during the period. JPMorgan Chase & Co. raised its position in shares of Alight by 202.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,864,038 shares of the company's stock valued at $13,794,000 after acquiring an additional 1,248,465 shares in the last quarter. Blue Trust Inc. increased its position in Alight by 107.6% in the fourth quarter. Blue Trust Inc. now owns 3,336 shares of the company's stock worth $25,000 after buying an additional 1,729 shares during the period. KBC Group NV increased its position in Alight by 89.2% in the fourth quarter. KBC Group NV now owns 22,802 shares of the company's stock worth $158,000 after buying an additional 10,753 shares during the period. Finally, Heck Capital Advisors LLC bought a new position in shares of Alight in the fourth quarter worth $893,000. 96.74% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently weighed in on ALIT shares. Needham & Company LLC reaffirmed a "buy" rating and set a $9.00 target price on shares of Alight in a research note on Monday, March 24th. DA Davidson reiterated a "buy" rating and set a $10.00 price target on shares of Alight in a report on Wednesday, March 26th. Finally, Wedbush cut their price objective on Alight from $11.00 to $9.00 and set an "outperform" rating on the stock in a research note on Friday. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $9.94.

Insiders Place Their Bets

In other news, Director Richard N. Massey purchased 100,000 shares of the business's stock in a transaction on Monday, March 10th. The shares were acquired at an average price of $6.39 per share, for a total transaction of $639,000.00. Following the completion of the acquisition, the director now owns 1,573,489 shares in the company, valued at approximately $10,054,594.71. The trade was a 6.79% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert A. Schriesheim purchased 22,092 shares of the business's stock in a transaction 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 acquisition, the director now owns 22,092 shares of the company's stock, valued at approximately $150,004.68. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 125,092 shares of company stock valued at $807,755 in the last 90 days. Corporate insiders own 5.33% of the company's stock.

Alight Stock Down 0.5%

Shares of NYSE:ALIT traded down $0.03 during mid-day trading on Friday, reaching $5.58. 5,460,410 shares of the stock were exchanged, compared to its average volume of 6,281,654. 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 stock's 50 day simple moving average is $5.54 and its 200-day simple moving average is $6.55. The company has a market cap of $3.03 billion, a P/E ratio of -18.60 and a beta of 0.99. Alight, Inc. has a one year low of $4.49 and a one year high of $8.93.

Alight (NYSE:ALIT - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.02). The business had revenue of $548.00 million for the quarter, compared to the consensus estimate of $542.66 million. Alight had a positive return on equity of 5.42% and a negative net margin of 5.53%. The business's revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.13 earnings per share. As a group, equities research analysts predict that Alight, Inc. will post 0.54 EPS for the current year.

Alight Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.16 annualized dividend and a dividend yield of 2.87%. Alight's dividend payout ratio is currently -114.29%.

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.