Lazard Asset Management LLC Sells 85,954 Shares of Alight, Inc. (NYSE:ALIT)

Lazard Asset Management LLC lowered its position in shares of Alight, Inc. (NYSE:ALIT) by 13.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 553,023 shares of the company’s stock after selling 85,954 shares during the period. Lazard Asset Management LLC owned about 0.10% of Alight worth $3,826,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ALIT. Norges Bank purchased a new stake in Alight during the fourth quarter valued at about $35,045,000. Cooper Creek Partners Management LLC boosted its position in Alight by 23.1% during the fourth quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company’s stock valued at $122,514,000 after buying an additional 3,322,705 shares during the period. American Century Companies Inc. boosted its position in Alight by 214.0% during the fourth quarter. American Century Companies Inc. now owns 4,600,961 shares of the company’s stock valued at $31,839,000 after buying an additional 3,135,846 shares during the period. J. Goldman & Co LP boosted its position in Alight by 105.3% during the fourth 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 boosted its position in Alight by 13.6% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 24,296,295 shares of the company’s stock valued at $168,130,000 after buying an additional 2,901,108 shares during the period. Institutional investors own 96.74% of the company’s stock.

Insider Buying and Selling

In other Alight news, Director Robert A. Schriesheim bought 22,092 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was acquired at an average price of $6.79 per share, with a total value of $150,004.68. Following the completion of the purchase, the director now owns 22,092 shares of the company’s stock, valued at approximately $150,004.68. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard N. Massey bought 100,000 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were acquired at an average cost of $6.39 per share, with a total value of $639,000.00. Following the purchase, the director now directly owns 1,573,489 shares of the company’s stock, valued at approximately $10,054,594.71. This represents a 6.79% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 125,092 shares of company stock valued at $807,755 over the last three months. Corporate insiders own 5.33% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on ALIT shares. Needham & Company LLC restated a “buy” rating and set a $9.00 price target on shares of Alight in a research report on Monday, March 24th. DA Davidson reiterated a “buy” rating and set a $10.00 target price on shares of Alight in a report on Wednesday, March 26th. Finally, Wedbush dropped their target price on shares of Alight from $11.00 to $9.00 and set an “outperform” rating for the company in a report on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Alight currently has an average rating of “Moderate Buy” and an average price target of $9.94.

Alight Stock Performance

Alight stock opened at $5.78 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average of $5.49 and a 200-day moving average of $6.51. The firm has a market cap of $3.14 billion, a P/E ratio of -19.25 and a beta of 0.99. Alight, Inc. has a 1-year low of $4.49 and a 1-year high of $8.93.

Alight (NYSE:ALIT) last released 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 positive return on equity of 5.42% and a negative net margin of 5.53%. The company had revenue of $548.00 million during the quarter, compared to the consensus estimate of $542.66 million. During the same period in the previous year, the company earned $0.13 earnings per share. Alight’s quarterly revenue was down 2.0% on a year-over-year basis. Sell-side analysts expect that Alight, Inc. will post 0.54 EPS for the current year.

Alight Announces Dividend

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 $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend is Monday, June 2nd. Alight’s payout ratio is currently -114.29%.

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.