Corbyn Investment Management Inc. MD Buys 28,704 Shares of Alight, Inc. (NYSE:ALIT)

Corbyn Investment Management Inc. MD grew its stake in shares of Alight, Inc. (NYSE:ALIT) by 4.2% in the third quarter, HoldingsChannel.com reports. The firm owned 714,823 shares of the company’s stock after purchasing an additional 28,704 shares during the period. Alight comprises about 2.0% of Corbyn Investment Management Inc. MD’s investment portfolio, making the stock its 15th largest holding. Corbyn Investment Management Inc. MD’s holdings in Alight were worth $5,290,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its holdings in Alight by 65.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,498 shares of the company’s stock worth $55,000 after purchasing an additional 2,961 shares in the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of Alight in the third quarter valued at approximately $74,000. KBC Group NV grew its holdings in shares of Alight by 24.0% in the third quarter. KBC Group NV now owns 12,049 shares of the company’s stock valued at $89,000 after acquiring an additional 2,331 shares in the last quarter. Ingalls & Snyder LLC grew its holdings in shares of Alight by 20.9% in the second quarter. Ingalls & Snyder LLC now owns 12,919 shares of the company’s stock valued at $95,000 after acquiring an additional 2,235 shares in the last quarter. Finally, Innealta Capital LLC bought a new position in shares of Alight in the third quarter valued at approximately $105,000. 96.74% of the stock is owned by institutional investors.

Alight Stock Down 2.0 %

Shares of NYSE ALIT opened at $7.73 on Monday. The stock has a fifty day simple moving average of $7.28 and a two-hundred day simple moving average of $7.39. Alight, Inc. has a 1-year low of $6.15 and a 1-year high of $10.38. 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 posted its earnings results on Tuesday, November 12th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.09. The firm had revenue of $555.00 million for 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 business’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.07 earnings per share. Sell-side analysts expect that Alight, Inc. will post 0.42 EPS for the current fiscal year.

Alight Announces Dividend

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

Insiders Place Their Bets

In related news, Director William P. Foley II sold 5,000,000 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $8.25, for a total value of $41,250,000.00. Following the sale, the director now owns 883,323 shares in the company, valued at approximately $7,287,414.75. This trade represents a 84.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 5.33% of the company’s stock.

Wall Street Analyst Weigh In

ALIT has been the subject of several recent analyst reports. Needham & Company LLC upped their target price on Alight from $9.00 to $11.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. KeyCorp upped their target price on Alight from $10.00 to $11.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Citigroup reduced their target price on Alight from $12.00 to $11.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Canaccord Genuity Group upped their target price on Alight from $11.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Wedbush reduced their price objective on Alight from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company 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.