Connor Clark & Lunn Investment Management Ltd. Has $17.73 Million Stock Holdings in Dayforce, Inc. (NYSE:DAY)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Dayforce, Inc. by 54% during the first quarter, selling 356,420 shares and maintaining 304,193 shares valued at approximately $17.7 million.
• In the last quarter, other institutional investors made significant moves, with Mather Group LLC increasing its stake by 196.9% and several new investments adding to Dayforce's growth momentum.
• The company's recent quarterly report showed earnings per share of $0.61, exceeding analysts' expectations and representing a 9.8% year-over-year revenue increase.

Connor Clark & Lunn Investment Management Ltd. lowered its position in shares of Dayforce, Inc. (NYSE:DAY - Free Report) by 54.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 304,193 shares of the company's stock after selling 356,420 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.19% of Dayforce worth $17,726,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Mather Group LLC. lifted its stake in Dayforce by 196.9% in the 1st quarter. Mather Group LLC. now owns 962 shares of the company's stock worth $56,000 after acquiring an additional 638 shares in the last quarter. Federated Hermes Inc. acquired a new stake in Dayforce in the 4th quarter valued at approximately $72,000. Mufg Securities Americas Inc. acquired a new stake in Dayforce in the 4th quarter valued at approximately $169,000. Gotham Asset Management LLC bought a new stake in shares of Dayforce in the 4th quarter worth approximately $217,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Dayforce in the 4th quarter worth approximately $223,000.

Insider Activity

In related news, EVP William Everett Mcdonald sold 2,059 shares of Dayforce stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total value of $113,265.59. Following the transaction, the executive vice president directly owned 103,684 shares of the company's stock, valued at $5,703,656.84. The trade was a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Samer Alkharrat sold 4,659 shares of Dayforce stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $59.69, for a total value of $278,095.71. Following the completion of the transaction, the executive vice president directly owned 127,632 shares in the company, valued at approximately $7,618,354.08. This represents a 3.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,382 shares of company stock worth $539,860. Insiders own 4.50% of the company's stock.

Dayforce Stock Performance

Shares of Dayforce stock traded down $0.08 on Thursday, hitting $53.35. The stock had a trading volume of 2,602,590 shares, compared to its average volume of 1,903,677. Dayforce, Inc. has a twelve month low of $48.01 and a twelve month high of $82.69. The business's 50 day moving average is $56.71 and its two-hundred day moving average is $58.55. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.23. The stock has a market cap of $8.52 billion, a price-to-earnings ratio of 177.84, a price-to-earnings-growth ratio of 1.99 and a beta of 1.11.

Dayforce (NYSE:DAY - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.61 earnings per share for the quarter, beating analysts' consensus estimates of $0.52 by $0.09. The firm had revenue of $464.70 million for the quarter, compared to the consensus estimate of $457.83 million. Dayforce had a return on equity of 7.37% and a net margin of 2.65%. The company's revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.48 EPS. Analysts forecast that Dayforce, Inc. will post 1.48 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on DAY. Piper Sandler cut their target price on Dayforce from $83.00 to $70.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Barclays lifted their target price on Dayforce from $60.00 to $61.00 and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Dayforce in a research note on Friday, May 23rd. KeyCorp reduced their target price on Dayforce from $80.00 to $65.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Finally, Wells Fargo & Company lowered Dayforce from an "equal weight" rating to an "underweight" rating and cut their price target for the company from $60.00 to $50.00 in a report on Friday, June 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Dayforce currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.93.

About Dayforce

Dayforce Inc, together with its subsidiaries, operates as a human capital management (HCM) software company in the United States, Canada, and internationally. It offers Dayforce, a cloud HCM platform that provides human resources, payroll and tax, workforce management, wallet, benefits, and talent intelligence functionalities; and Powerpay, a cloud HR and payroll solution for the small business market.