Ameriprise Financial Inc. Sells 5,702,976 Shares of Alight, Inc. $ALIT

Key Points

• Ameriprise Financial Inc. reduced its holdings in Alight, Inc. by 45.0%, owning approximately $41.33 million worth of shares after selling 5.7 million shares in the first quarter.
• Alight, Inc. is set to pay a quarterly dividend of $0.04 on September 15, 2023, with a yield of 4.1% for investors of record as of September 2, 2023.
• Equities analysts maintain a consensus rating of "Buy" for Alight, with the average target price estimated at $8.75, despite recent price target reductions by several firms.

Ameriprise Financial Inc. decreased its position in shares of Alight, Inc. (NYSE:ALIT - Free Report) by 45.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,968,855 shares of the company's stock after selling 5,702,976 shares during the period. Ameriprise Financial Inc. owned approximately 1.28% of Alight worth $41,325,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of ALIT. CWM LLC increased its position in Alight by 364.8% during the first quarter. CWM LLC now owns 5,104 shares of the company's stock worth $30,000 after acquiring an additional 4,006 shares during the period. Caitong International Asset Management Co. Ltd increased its holdings in shares of Alight by 82.8% during the first quarter. Caitong International Asset Management Co. Ltd now owns 5,184 shares of the company's stock worth $31,000 after purchasing an additional 2,348 shares during the period. GAMMA Investing LLC increased its holdings in shares of Alight by 5,505.8% during the first quarter. GAMMA Investing LLC now owns 7,792 shares of the company's stock worth $46,000 after purchasing an additional 7,653 shares during the period. Public Employees Retirement System of Ohio increased its holdings in shares of Alight by 40.8% during the fourth quarter. Public Employees Retirement System of Ohio now owns 7,101 shares of the company's stock worth $49,000 after purchasing an additional 2,059 shares during the period. Finally, FNY Investment Advisers LLC bought a new position in shares of Alight during the first quarter worth approximately $52,000. 96.74% of the stock is owned by institutional investors.

Alight Price Performance

Shares of Alight stock traded down $0.02 during midday trading on Wednesday, hitting $3.92. 7,552,066 shares of the company traded hands, compared to its average volume of 9,912,686. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of -1.77 and a beta of 1.01. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.16 and a current ratio of 1.16. The firm's fifty day moving average price is $4.87 and its 200-day moving average price is $5.40. Alight, Inc. has a 12 month low of $3.62 and a 12 month high of $8.93.

Alight (NYSE:ALIT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.10. The firm had revenue of $528.00 million during the quarter, compared to analysts' expectations of $525.26 million. Alight had a negative net margin of 50.37% and a positive return on equity of 6.26%. The company's revenue was down 1.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.05 EPS. Alight has set its FY 2025 guidance at 0.580-0.640 EPS. As a group, sell-side analysts forecast that Alight, Inc. will post 0.54 earnings per share for the current year.

Alight Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Tuesday, September 2nd. Alight's payout ratio is currently -7.24%.

Analyst Upgrades and Downgrades

ALIT has been the topic of a number of recent research reports. Needham & Company LLC lowered their price objective on Alight from $8.00 to $6.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Wedbush lowered their price objective on Alight from $9.00 to $7.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 6th. Finally, UBS Group decreased their price target on Alight from $10.00 to $6.50 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Alight presently has a consensus rating of "Buy" and a consensus price target of $8.75.

Alight 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.