Principal Financial Group Inc. Sells 16,986 Shares of Alight, Inc. (NYSE:ALIT)

Principal Financial Group Inc. reduced its stake in shares of Alight, Inc. (NYSE:ALIT) by 36.5% in the third quarter, Holdings Channel reports. The fund owned 29,592 shares of the company’s stock after selling 16,986 shares during the quarter. Principal Financial Group Inc.’s holdings in Alight were worth $219,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Public Employees Retirement System of Ohio grew its holdings in Alight by 65.5% during the third quarter. Public Employees Retirement System of Ohio now owns 5,042 shares of the company’s stock valued at $37,000 after purchasing an additional 1,996 shares during the period. Oppenheimer & Co. Inc. purchased a new stake in Alight in the 3rd quarter worth about $74,000. Nisa Investment Advisors LLC raised its stake in Alight by 54.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 11,547 shares of the company’s stock valued at $85,000 after acquiring an additional 4,049 shares during the period. KBC Group NV lifted its holdings in Alight by 24.0% during the third quarter. KBC Group NV now owns 12,049 shares of the company’s stock valued at $89,000 after purchasing an additional 2,331 shares during the last quarter. Finally, Soros Fund Management LLC bought a new position in Alight during the third quarter worth about $89,000. Hedge funds and other institutional investors own 96.74% of the company’s stock.

Alight Price Performance

NYSE:ALIT opened at $6.90 on Tuesday. Alight, Inc. has a 52-week low of $6.15 and a 52-week high of $10.38. The stock has a fifty day moving average of $7.36 and a 200 day moving average of $7.26. 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 has a market capitalization of $3.75 billion, a price-to-earnings ratio of -14.37 and a beta of 0.95.

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, meeting analysts’ consensus estimates of $0.09. The firm had revenue of $555.00 million during the quarter, compared to the consensus estimate of $538.39 million. Alight had a positive return on equity of 5.61% and a negative net margin of 7.95%. The company’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter last year, the company posted $0.07 EPS. On average, research analysts expect that Alight, Inc. will post 0.47 EPS for the current fiscal year.

Alight Dividend Announcement

The business also recently declared a — dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a $0.04 dividend. The ex-dividend date of this dividend was Monday, December 2nd.

Insider Activity

In other news, Director William P. Foley II sold 5,000,000 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $8.25, for a total transaction of $41,250,000.00. Following the transaction, the director now directly owns 883,323 shares in the company, valued at approximately $7,287,414.75. This represents a 84.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gregory A. George sold 84,929 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $7.60, for a total value of $645,460.40. Following the transaction, the insider now directly owns 223,327 shares in the company, valued at approximately $1,697,285.20. This represents a 27.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,334,929 shares of company stock worth $43,895,460. 5.33% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on ALIT. KeyCorp boosted their price target on shares of Alight from $10.00 to $11.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Needham & Company LLC lifted their price target on Alight from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Canaccord Genuity Group boosted their price objective on Alight from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $10.83.

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.