Levin Capital Strategies L.P. Purchases Shares of 301,500 Alight, Inc. (NYSE:ALIT)

Key Points

• Levin Capital Strategies L.P. acquired 301,500 shares of Alight, Inc. for approximately $1.79 million, indicating renewed institutional interest in the company.
• Alight reported a loss of $0.02 per share for the last quarter, missing the analysts' consensus estimate of $0.12.
• Despite a dip in revenue, analysts maintain a "Moderate Buy" consensus rating with an average target price of $9.86 for Alight's stock.

Levin Capital Strategies L.P. acquired a new stake in Alight, Inc. (NYSE:ALIT - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 301,500 shares of the company's stock, valued at approximately $1,788,000. Levin Capital Strategies L.P. owned about 0.06% of Alight at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ALIT. CWM LLC raised its holdings in Alight by 364.8% in the 1st quarter. CWM LLC now owns 5,104 shares of the company's stock valued at $30,000 after acquiring an additional 4,006 shares during the last quarter. GAMMA Investing LLC raised its holdings in Alight by 5,505.8% in the 1st quarter. GAMMA Investing LLC now owns 7,792 shares of the company's stock valued at $46,000 after acquiring an additional 7,653 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in Alight by 40.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 7,101 shares of the company's stock valued at $49,000 after acquiring an additional 2,059 shares during the last quarter. FNY Investment Advisers LLC acquired a new stake in Alight in the 1st quarter valued at about $52,000. Finally, Sandia Investment Management LP acquired a new stake in Alight in the 4th quarter valued at about $69,000. Institutional investors and hedge funds own 96.74% of the company's stock.

Alight Trading Down 4.3%

Shares of NYSE:ALIT traded down $0.17 during mid-day trading on Friday, reaching $3.82. 16,804,401 shares of the company were exchanged, compared to its average volume of 7,559,512. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.16 and a quick ratio of 1.18. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of -1.73 and a beta of 1.00. The firm's 50-day simple moving average is $5.42 and its 200 day simple moving average is $5.76. Alight, Inc. has a 1 year low of $3.80 and a 1 year high of $8.93.

Alight (NYSE:ALIT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.10 earnings per share for the quarter, hitting analysts' consensus estimates 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 firm's quarterly revenue was down 1.9% on a year-over-year basis. During the same quarter last year, the company posted $0.05 EPS. Equities research analysts forecast that Alight, Inc. will post 0.54 EPS for the current year.

Alight Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.16 dividend on an annualized basis and a dividend yield of 4.2%. Alight's dividend payout ratio (DPR) is presently -7.24%.

Insider Buying and Selling at Alight

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

Analyst Upgrades and Downgrades

ALIT has been the subject of a number of recent analyst reports. UBS Group cut their price target on shares of Alight from $10.00 to $6.50 and set a "buy" rating for the company in a report on Wednesday. Wedbush cut their price target on shares of Alight from $9.00 to $7.00 and set an "outperform" rating for the company in a report on Wednesday. Finally, Needham & Company LLC cut their price target on shares of Alight from $8.00 to $6.00 and set a "buy" rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $8.94.

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.