Victory Capital Management Inc. Cuts Stock Position in Alight, Inc. (NYSE:ALIT)

Victory Capital Management Inc. cut its holdings in shares of Alight, Inc. (NYSE:ALIT - Free Report) by 88.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 798,199 shares of the company's stock after selling 5,911,371 shares during the period. Victory Capital Management Inc. owned about 0.15% of Alight worth $4,733,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of ALIT. Thrivent Financial for Lutherans purchased a new stake in Alight during the fourth quarter worth about $680,000. Xponance Inc. increased its stake in Alight by 8.8% during the fourth quarter. Xponance Inc. now owns 30,229 shares of the company's stock worth $209,000 after purchasing an additional 2,437 shares during the period. American Century Companies Inc. increased its stake in Alight by 214.0% during the fourth quarter. American Century Companies Inc. now owns 4,600,961 shares of the company's stock worth $31,839,000 after purchasing an additional 3,135,846 shares during the period. Sei Investments Co. increased its stake in Alight by 26.9% during the fourth quarter. Sei Investments Co. now owns 284,164 shares of the company's stock worth $1,966,000 after purchasing an additional 60,257 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Alight during the fourth quarter worth approximately $585,000. 96.74% of the stock is currently owned by hedge funds and other institutional investors.

Alight Price Performance

Alight stock opened at $5.77 on Friday. Alight, Inc. has a one year low of $4.49 and a one year high of $8.93. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.18 and a current ratio of 1.18. The business has a fifty day moving average of $5.55 and a two-hundred day moving average of $5.89. The company has a market cap of $3.10 billion, a P/E ratio of -41.18 and a beta of 1.00.

Alight (NYSE:ALIT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.12 by ($0.02). Alight had a negative net margin of 2.65% and a positive return on equity of 5.74%. The firm had revenue of $548.00 million during the quarter, compared to analysts' expectations of $542.66 million. During the same quarter in the prior year, the business earned $0.13 EPS. The company's quarterly revenue was down 2.0% compared to the same quarter last year. As a group, analysts predict that Alight, Inc. will post 0.54 earnings per share for the current fiscal year.

Alight Announces Dividend

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. This represents a $0.16 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend is Tuesday, September 2nd. Alight's dividend payout ratio is presently -114.29%.

Insider Buying and Selling

In related news, Director David D. Guilmette acquired 50,000 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was purchased 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 in the company, valued at $3,418,267.50. This trade represents a 9.08% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.93% of the company's stock.

Analyst Ratings Changes

ALIT has been the topic of a number of recent research reports. Needham & Company LLC restated a "buy" rating and set a $8.00 target price on shares of Alight in a research note on Friday, June 20th. Wedbush cut their target price on shares of Alight from $11.00 to $9.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, Alight has a consensus rating of "Moderate Buy" and a consensus target price of $9.86.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.