Kelly Services, Inc. (NASDAQ:KELYA) Downgraded to “Hold” at Zacks Investment Research
Kelly Services, Inc. (NASDAQ:KELYA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday, July 12th.
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. “
Several other brokerages have also recently commented on KELYA. ValuEngine raised Kelly Services from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. BidaskClub raised Kelly Services from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 6th. Finally, Northcoast Research reissued a “neutral” rating on shares of Kelly Services in a research report on Friday, May 12th.
Shares of Kelly Services (KELYA) opened at 22.34 on Wednesday. The firm has a market capitalization of $855.33 million, a PE ratio of 7.22 and a beta of 0.98. Kelly Services has a 52 week low of $18.01 and a 52 week high of $24.70. The company has a 50-day moving average of $22.58 and a 200-day moving average of $22.19.
Kelly Services (NASDAQ:KELYA) last posted its quarterly earnings data on Thursday, May 11th. The business services provider reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.14. Kelly Services had a return on equity of 6.39% and a net margin of 2.37%. The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the company earned $0.19 earnings per share. Kelly Services’s quarterly revenue was down 4.4% on a year-over-year basis. On average, equities analysts forecast that Kelly Services will post $1.72 earnings per share for the current fiscal year.
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In other news, insider Antonina M. Ramsey sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $24.13, for a total value of $361,950.00. Following the completion of the sale, the insider now directly owns 47,678 shares of the company’s stock, valued at $1,150,470.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Donald R. Parfet sold 22,029 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $23.10, for a total value of $508,869.90. Following the completion of the sale, the director now directly owns 23,520 shares of the company’s stock, valued at $543,312. The disclosure for this sale can be found here. Corporate insiders own 13.30% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in KELYA. SG Americas Securities LLC bought a new stake in Kelly Services during the second quarter worth $117,000. State of Alaska Department of Revenue boosted its position in shares of Kelly Services by 77.4% in the second quarter. State of Alaska Department of Revenue now owns 5,731 shares of the business services provider’s stock valued at $128,000 after buying an additional 2,501 shares during the period. Mason Street Advisors LLC boosted its position in shares of Kelly Services by 7.0% in the first quarter. Mason Street Advisors LLC now owns 6,837 shares of the business services provider’s stock valued at $149,000 after buying an additional 449 shares during the period. Victory Capital Management Inc. boosted its position in shares of Kelly Services by 34.6% in the first quarter. Victory Capital Management Inc. now owns 7,213 shares of the business services provider’s stock valued at $158,000 after buying an additional 1,856 shares during the period. Finally, Eqis Capital Management Inc. boosted its position in shares of Kelly Services by 3.3% in the first quarter. Eqis Capital Management Inc. now owns 10,937 shares of the business services provider’s stock valued at $239,000 after buying an additional 347 shares during the period. 65.86% of the stock is owned by institutional investors and hedge funds.
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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