Principal Financial Group Inc. Cuts Position in Alight, Inc. (NYSE:ALIT)

Principal Financial Group Inc. trimmed its holdings in shares of Alight, Inc. (NYSE:ALIT) by 36.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 29,592 shares of the company’s stock after selling 16,986 shares during the period. Principal Financial Group Inc.’s holdings in Alight were worth $219,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in ALIT. Nisa Investment Advisors LLC boosted its stake in Alight by 65.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,498 shares of the company’s stock valued at $55,000 after purchasing an additional 2,961 shares during the last quarter. Ingalls & Snyder LLC lifted its holdings in shares of Alight by 20.9% during the second quarter. Ingalls & Snyder LLC now owns 12,919 shares of the company’s stock valued at $95,000 after purchasing an additional 2,235 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Alight during the third quarter valued at $105,000. CIBC Asset Management Inc bought a new stake in Alight in the 2nd quarter worth about $105,000. Finally, Amalgamated Bank raised its position in Alight by 16.2% in the 2nd quarter. Amalgamated Bank now owns 16,434 shares of the company’s stock worth $121,000 after buying an additional 2,289 shares during the last quarter. 96.74% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Alight

In other news, insider Gregory A. George sold 84,929 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $7.60, for a total transaction of $645,460.40. Following the sale, the insider now directly owns 223,327 shares in the company, valued at $1,697,285.20. This trade represents a 27.55 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William P. Foley II sold 5,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $8.25, for a total value of $41,250,000.00. Following the completion of the sale, the director now directly owns 883,323 shares in the company, valued at approximately $7,287,414.75. The trade was a 84.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 5.33% of the company’s stock.

Alight Trading Up 1.4 %

Shares of NYSE ALIT opened at $8.09 on Tuesday. Alight, Inc. has a 1-year low of $6.15 and a 1-year high of $10.38. The business has a fifty day moving average price of $7.36 and a 200 day moving average price of $7.35. The stock has a market capitalization of $4.39 billion, a P/E ratio of -16.85 and a beta of 0.87. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.30 and a quick ratio of 1.30.

Alight (NYSE:ALIT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.09. Alight had a positive return on equity of 5.61% and a negative net margin of 7.95%. The business had revenue of $555.00 million for the quarter, compared to the consensus estimate of $538.39 million. During the same period in the prior year, the firm posted $0.07 earnings per share. The business’s quarterly revenue was down .4% on a year-over-year basis. Equities research analysts expect that Alight, Inc. will post 0.47 EPS for the current fiscal year.

Alight Announces Dividend

The company also recently declared a — dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Monday, December 2nd.

Analyst Upgrades and Downgrades

ALIT has been the topic of a number of research analyst reports. Canaccord Genuity Group increased their price objective on shares of Alight from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. KeyCorp increased their price target on Alight from $10.00 to $11.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Wedbush reduced their price objective on Alight from $12.00 to $10.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Needham & Company LLC raised their price objective on shares of Alight from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. downgraded shares of Alight from an “overweight” rating to a “neutral” rating and set a $8.00 price target on the stock. in a research report on Tuesday, August 20th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.95.

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.