Starboard Value LP Acquires 3,833,000 Shares of Alight, Inc. (NYSE:ALIT)

Starboard Value LP boosted its stake in shares of Alight, Inc. (NYSE:ALIT - Free Report) by 8.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,228,000 shares of the company's stock after buying an additional 3,833,000 shares during the quarter. Alight accounts for about 5.9% of Starboard Value LP's holdings, making the stock its 7th biggest holding. Starboard Value LP owned approximately 8.70% of Alight worth $326,818,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Alight during the fourth quarter worth about $35,045,000. Cooper Creek Partners Management LLC increased its stake in Alight by 23.1% during the 4th quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company's stock worth $122,514,000 after buying an additional 3,322,705 shares during the period. American Century Companies Inc. lifted its holdings in Alight by 214.0% during the 4th quarter. American Century Companies Inc. now owns 4,600,961 shares of the company's stock worth $31,839,000 after buying an additional 3,135,846 shares in the last quarter. J. Goldman & Co LP boosted its position in 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 grew its stake in shares of Alight by 13.6% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 24,296,295 shares of the company's stock worth $168,130,000 after acquiring an additional 2,901,108 shares in the last quarter. 96.74% of the stock is currently owned by institutional investors and hedge funds.

Alight Stock Down 0.7%

Shares of NYSE:ALIT traded down $0.04 on Tuesday, hitting $5.67. 11,315,052 shares of the company's stock were exchanged, compared to its average volume of 6,320,714. Alight, Inc. has a 1-year low of $4.49 and a 1-year high of $8.93. The company has a market capitalization of $3.08 billion, a PE ratio of -18.90 and a beta of 0.99. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.30 and a current ratio of 1.30. The firm's 50-day moving average is $5.48 and its 200 day moving average is $6.49.

Alight (NYSE:ALIT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.12 by ($0.02). Alight had a negative net margin of 5.53% and a positive return on equity of 5.42%. The business had revenue of $548.00 million during the quarter, compared to analyst estimates of $542.66 million. During the same period last year, the company earned $0.13 earnings per share. The business's revenue for the quarter was down 2.0% compared to the same quarter last year. Sell-side analysts predict that Alight, Inc. will post 0.54 EPS for the current year.

Alight Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.16 annualized dividend and a yield of 2.82%. Alight's dividend payout ratio is currently -114.29%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ALIT shares. Wedbush reduced their price objective on Alight from $11.00 to $9.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. DA Davidson reaffirmed a "buy" rating and issued a $10.00 price target on shares of Alight in a research report on Wednesday, March 26th. Finally, Needham & Company LLC reissued a "buy" rating and set a $9.00 price objective on shares of Alight in a research report on Monday, March 24th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $9.94.

Insider Activity at Alight

In other news, Director David D. Guilmette purchased 50,000 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were bought at an average price of $5.69 per share, with a total value of $284,500.00. Following the completion of the transaction, the director now directly owns 600,750 shares in the company, valued at approximately $3,418,267.50. This represents a 9.08% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard N. Massey acquired 100,000 shares of the firm's stock in a transaction dated Monday, March 10th. The stock was purchased at an average cost of $6.39 per share, with a total value of $639,000.00. Following the completion of the acquisition, the director now directly owns 1,573,489 shares of the company's stock, valued at approximately $10,054,594.71. This trade represents a 6.79% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 175,092 shares of company stock valued at $1,092,255 over the last ninety days. Insiders own 5.33% of the company's stock.

About Alight

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.