Zacks Investment Research downgraded shares of Kelly Services, Inc. (NASDAQ:KELYA) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.
According to Zacks, “KELLY SERVICES, INC. provides temporary office clerical, marketing, professional, technical, light industrial, home care services, management services and other business services to a diversified group of customers through offices located in major cities of the United States, Australia, Canada, Denmark, France, Ireland, Italy, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Russia, Spain, Switzerland and United Kingdom. Kelly Temporary Services provides office clerical, marketing, professional, technical, semi-skilled light industrial and management services. “
Other equities research analysts have also issued reports about the stock. ValuEngine upgraded shares of Kelly Services from a hold rating to a buy rating in a report on Friday, August 11th. Northcoast Research restated a neutral rating on shares of Kelly Services in a report on Friday, May 12th. Finally, BidaskClub upgraded shares of Kelly Services from a strong sell rating to a sell rating in a report on Thursday, July 6th.
Kelly Services (NASDAQ:KELYA) traded up 0.21% during trading on Tuesday, hitting $21.26. 31,812 shares of the stock traded hands. Kelly Services has a one year low of $18.01 and a one year high of $24.70. The company’s 50 day moving average is $22.48 and its 200 day moving average is $22.15. The company has a market capitalization of $814.43 million, a P/E ratio of 6.37 and a beta of 0.98.
Kelly Services (NASDAQ:KELYA) last posted its earnings results on Wednesday, August 9th. The business services provider reported $0.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.24. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. Kelly Services had a net margin of 2.58% and a return on equity of 6.88%. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period last year, the business posted $0.29 earnings per share. On average, equities analysts forecast that Kelly Services will post $1.73 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 22nd will be issued a dividend of $0.075 per share. The ex-dividend date is Friday, August 18th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.41%. Kelly Services’s payout ratio is 8.85%.
In related news, Director Donald R. Parfet sold 22,029 shares of the firm’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $23.10, for a total transaction of $508,869.90. Following the sale, the director now directly owns 23,520 shares in the company, valued at $543,312. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 16.10% of the company’s stock.
Several large investors have recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Kelly Services during the fourth quarter valued at about $14,457,000. Northpointe Capital LLC raised its stake in shares of Kelly Services by 45.5% in the second quarter. Northpointe Capital LLC now owns 664,425 shares of the business services provider’s stock valued at $14,916,000 after buying an additional 207,671 shares during the last quarter. Northern Trust Corp raised its stake in shares of Kelly Services by 52.7% in the second quarter. Northern Trust Corp now owns 567,333 shares of the business services provider’s stock valued at $12,736,000 after buying an additional 195,919 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Kelly Services by 7.3% in the first quarter. Vanguard Group Inc. now owns 2,711,377 shares of the business services provider’s stock valued at $59,270,000 after buying an additional 183,473 shares during the last quarter. Finally, LSV Asset Management raised its stake in shares of Kelly Services by 21.8% in the first quarter. LSV Asset Management now owns 801,261 shares of the business services provider’s stock valued at $17,515,000 after buying an additional 143,261 shares during the last quarter. Institutional investors and hedge funds own 64.53% of the company’s stock.
Kelly Services Company Profile
Kelly Services, Inc is a workforce solutions provider, which is engaged in offering a range of specialty services. The Company provides workforce solutions in three regions: the Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific (APAC). The Company’s segments are Americas Commercial, Americas Professional and Technical (Americas PT), EMEA Commercial, EMEA Professional and Technical (EMEA PT), and Outsourcing and Consulting Group (OCG).
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