Levin Capital Strategies L.P. Invests $1.79 Million in 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 position in Alight, Inc. (NYSE:ALIT - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The fund acquired 301,500 shares of the company's stock, valued at approximately $1,788,000. Levin Capital Strategies L.P. owned approximately 0.06% of Alight at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kinney Asset Management LLC lifted its stake in shares of Alight by 5.8% in the first quarter. Kinney Asset Management LLC now owns 6,877,546 shares of the company's stock worth $40,784,000 after acquiring an additional 380,000 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Alight in the first quarter worth $503,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Alight by 8.0% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 135,508 shares of the company's stock valued at $804,000 after acquiring an additional 10,026 shares in the last quarter. FourThought Financial Partners LLC boosted its stake in Alight by 16.0% during the 1st quarter. FourThought Financial Partners LLC now owns 47,492 shares of the company's stock valued at $282,000 after acquiring an additional 6,535 shares during the last quarter. Finally, Norwood Investment Partners LP increased its position in shares of Alight by 0.8% in the 1st quarter. Norwood Investment Partners LP now owns 2,504,867 shares of the company's stock worth $14,854,000 after purchasing an additional 19,000 shares during the last quarter. 96.74% of the stock is owned by hedge funds and other institutional investors.

Alight Price Performance

NYSE:ALIT traded down $0.37 during midday trading on Thursday, hitting $3.98. 20,451,021 shares of the stock were exchanged, compared to its average volume of 6,855,231. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of -1.80 and a beta of 1.00. The company has a current ratio of 1.16, a quick ratio of 1.18 and a debt-to-equity ratio of 0.64. Alight, Inc. has a one year low of $3.95 and a one year high of $8.93. The business has a 50-day moving average price of $5.46 and a two-hundred day moving average price of $5.78.

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

Alight Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.04 dividend. 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 -7.24%.

Insider Transactions at Alight

In related news, Director David D. Guilmette acquired 50,000 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was bought at an average price of $5.69 per share, for a total transaction 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. The trade was a 9.08% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.93% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ALIT. Wedbush lowered their price objective on shares of Alight from $9.00 to $7.00 and set an "outperform" rating for the company in a research report on Wednesday. UBS Group dropped their target price on Alight from $10.00 to $6.50 and set a "buy" rating on the stock in a research report on Wednesday. Finally, Needham & Company LLC reduced 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 assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $8.94.

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.