Cornercap Investment Counsel Inc. Buys Shares of 27,782 Alight, Inc. (NYSE:ALIT)

Cornercap Investment Counsel Inc. bought a new position in Alight, Inc. (NYSE:ALIT) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 27,782 shares of the company’s stock, valued at approximately $192,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new position in Alight during the fourth quarter valued at approximately $35,045,000. American Century Companies Inc. increased its holdings in shares of Alight by 214.0% in the 4th quarter. American Century Companies Inc. now owns 4,600,961 shares of the company’s stock valued at $31,839,000 after acquiring an additional 3,135,846 shares during the period. Bank of New York Mellon Corp raised its position in shares of Alight by 94.6% in the 4th quarter. Bank of New York Mellon Corp now owns 4,155,792 shares of the company’s stock worth $28,758,000 after acquiring an additional 2,020,648 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Alight during the fourth quarter valued at about $10,853,000. Finally, JPMorgan Chase & Co. raised its holdings in Alight by 202.8% in the third quarter. JPMorgan Chase & Co. now owns 1,864,038 shares of the company’s stock worth $13,794,000 after purchasing an additional 1,248,465 shares in the last quarter. Institutional investors own 96.74% of the company’s stock.

Alight Trading Down 4.9 %

NYSE:ALIT opened at $5.91 on Monday. The company has a market capitalization of $3.21 billion, a P/E ratio of -19.68 and a beta of 0.94. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.46. Alight, Inc. has a 12 month low of $5.87 and a 12 month high of $9.92. The firm has a fifty day simple moving average of $6.56 and a 200-day simple moving average of $7.01.

Alight (NYSE:ALIT) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.04). The firm had revenue of $680.00 million for the quarter, compared to analyst estimates of $675.66 million. Alight had a positive return on equity of 5.42% and a negative net margin of 5.53%. On average, equities research analysts anticipate that Alight, Inc. will post 0.54 earnings per share for the current year.

Alight Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were given a $0.04 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.16 dividend on an annualized basis and a yield of 2.71%. Alight’s dividend payout ratio is currently -53.33%.

Analysts Set New Price Targets

ALIT has been the topic of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Alight in a research report on Monday, March 24th. DA Davidson reaffirmed a “buy” rating and set a $10.00 price target on shares of Alight in a research report on Wednesday, March 26th. Finally, Wedbush reissued an “outperform” rating and issued a $11.00 price objective on shares of Alight in a research report on Tuesday, March 25th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $10.19.

Insider Buying and Selling

In other Alight news, Director Richard N. Massey purchased 100,000 shares of the stock in a transaction on Monday, March 10th. The shares were bought 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 owns 1,573,489 shares in the company, valued at $10,054,594.71. This trade represents a 6.79 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert A. Schriesheim acquired 22,092 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was bought at an average cost of $6.79 per share, with a total value of $150,004.68. Following the acquisition, the director now owns 22,092 shares in the company, valued at approximately $150,004.68. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 125,092 shares of company stock worth $807,755. 5.33% of the stock is owned by company insiders.

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.