Kinney Asset Management LLC Has $40.78 Million Stake in Alight, Inc. (NYSE:ALIT)

Key Points

• Kinney Asset Management LLC has increased its stake in Alight, Inc. to approximately $40.78 million, making it the firm's largest holding, representing 53.5% of its investment portfolio.
• Alight recently announced a dividend of $0.04 per share, payable on September 15th, with a yield of 3.1%, despite a negative dividend payout ratio of -114.29%.
• Analysts have rated Alight with a consensus of "Moderate Buy" and an average price target of $9.86, reflecting a more optimistic outlook for the company's stock.

Kinney Asset Management LLC grew its stake in shares of Alight, Inc. (NYSE:ALIT - Free Report) by 5.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,877,546 shares of the company's stock after purchasing an additional 380,000 shares during the period. Alight makes up 53.5% of Kinney Asset Management LLC's investment portfolio, making the stock its largest holding. Kinney Asset Management LLC owned approximately 1.27% of Alight worth $40,784,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently modified their holdings of ALIT. Northern Trust Corp increased its stake in Alight by 5.7% during the 4th quarter. Northern Trust Corp now owns 4,107,761 shares of the company's stock valued at $28,426,000 after purchasing an additional 222,725 shares in the last quarter. Starboard Value LP increased its stake in Alight by 8.8% during the 4th quarter. Starboard Value LP now owns 47,228,000 shares of the company's stock valued at $326,818,000 after purchasing an additional 3,833,000 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in Alight during the 1st quarter valued at about $428,000. EVR Research LP increased its stake in Alight by 16.9% during the 4th quarter. EVR Research LP now owns 2,280,000 shares of the company's stock valued at $15,778,000 after purchasing an additional 330,000 shares in the last quarter. Finally, Sculptor Capital LP bought a new stake in Alight during the 4th quarter valued at about $1,730,000. Institutional investors own 96.74% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ALIT. UBS Group dropped their price target on shares of Alight from $10.00 to $6.50 and set a "buy" rating on the stock in a report on Wednesday. Wedbush dropped their price target on shares of Alight from $9.00 to $7.00 and set an "outperform" rating on the stock in a report on Wednesday. Finally, Needham & Company LLC dropped their price target on shares of Alight from $8.00 to $6.00 and set a "buy" rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $8.94.

Insider Transactions at Alight

In other news, Director David D. Guilmette purchased 50,000 shares of the company's stock in a transaction on Tuesday, May 20th. The stock was acquired at an average cost of $5.69 per share, for a total transaction of $284,500.00. Following the completion of the transaction, the director directly owned 600,750 shares in the company, valued at $3,418,267.50. This trade represents a 9.08% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have purchased 55,216 shares of company stock worth $307,636 in the last three months. Insiders own 1.93% of the company's stock.

Alight Stock Performance

NYSE ALIT traded down $0.14 during trading hours on Friday, hitting $3.86. 11,318,939 shares of the company's stock traded hands, compared to its average volume of 7,995,531. The business's fifty day moving average price is $5.46 and its two-hundred day moving average price is $5.78. The company has a current ratio of 1.16, a quick ratio of 1.18 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $2.07 billion, a P/E ratio of -1.74 and a beta of 1.00. Alight, Inc. has a 52 week low of $3.83 and a 52 week high of $8.93.

Alight (NYSE:ALIT - Get Free Report) last announced its 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 company had revenue of $528.00 million during the quarter, compared to analyst estimates of $525.26 million. Alight had a negative net margin of 50.37% and a positive return on equity of 6.26%. The firm's quarterly revenue was down 1.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.05 earnings per share. Equities research analysts predict that Alight, Inc. will post 0.54 EPS for the current year.

Alight Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 4.2%. The ex-dividend date is Tuesday, September 2nd. Alight's payout ratio is -7.24%.

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.