Kinney Asset Management LLC Raises Holdings 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 position in Alight, Inc. (NYSE:ALIT - Free Report) by 5.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 6,877,546 shares of the company's stock after buying an additional 380,000 shares during the period. Alight accounts for approximately 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 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ALIT. Norges Bank acquired a new stake in shares of Alight in the 4th quarter valued at $35,045,000. Starboard Value LP increased its stake in shares of Alight by 8.8% in the 4th quarter. Starboard Value LP now owns 47,228,000 shares of the company's stock valued at $326,818,000 after buying an additional 3,833,000 shares during the period. Cooper Creek Partners Management LLC increased its stake in shares of Alight by 23.1% in the 4th quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company's stock valued at $122,514,000 after buying an additional 3,322,705 shares during the period. J. Goldman & Co LP increased its stake in shares of Alight by 105.3% in the 4th quarter. J. Goldman & Co LP now owns 5,774,590 shares of the company's stock valued at $39,960,000 after buying an additional 2,961,443 shares during the period. Finally, ArrowMark Colorado Holdings LLC increased its stake in shares of Alight by 13.6% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 24,296,295 shares of the company's stock valued at $168,130,000 after buying an additional 2,901,108 shares during the period. 96.74% of the stock is owned by institutional investors and hedge funds.

Alight Trading Down 8.4%

Shares of Alight stock traded down $0.37 during trading on Thursday, reaching $3.98. 20,451,021 shares of the company were exchanged, compared to its average volume of 7,975,076. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47. Alight, Inc. has a twelve month low of $3.95 and a twelve month high of $8.93. The business has a 50-day moving average price of $5.49 and a 200-day moving average price of $5.80. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of -1.80 and a beta of 1.00.

Alight (NYSE:ALIT - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10. The firm had revenue of $528.00 million for the quarter, compared to analyst estimates of $525.26 million. Alight had a positive return on equity of 5.83% and a negative net margin of 50.37%. The company's revenue for the quarter was down 1.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.05 earnings per share. Sell-side analysts anticipate that Alight, Inc. will post 0.54 EPS for the current fiscal year.

Alight Announces Dividend

The firm also recently announced 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. The ex-dividend date is Tuesday, September 2nd. This represents a $0.16 annualized dividend and a yield of 4.0%. Alight's payout ratio is currently -114.29%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Needham & Company LLC lowered their target price on Alight from $8.00 to $6.00 and set a "buy" rating for the company in a research note on Wednesday. Wedbush decreased their price objective on Alight from $9.00 to $7.00 and set an "outperform" rating for the company in a research note on Wednesday. Finally, UBS Group decreased their price objective on Alight from $10.00 to $6.50 and set a "buy" rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Alight presently has an average rating of "Moderate Buy" and a consensus price target of $8.94.

Insiders Place Their Bets

In other Alight news, Director David D. Guilmette bought 50,000 shares of Alight stock in a transaction on Tuesday, May 20th. The shares were purchased at an average cost of $5.69 per share, for a total transaction of $284,500.00. Following the completion of the acquisition, the director owned 600,750 shares in the company, valued at approximately $3,418,267.50. The trade was a 9.08% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.93% 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.