Kelly Services (KELYA) Stock Rating Lowered by Zacks Investment Research

Kelly Services (NASDAQ:KELYA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “Kelly Services, Inc. is a global leader of providing workforce solutions. Kelly Services, Inc. and its subsidiaries, offer a comprehensive array of outsourcing and consulting services as well as world-class staffing on a temporary, temporary-to-hire, and direct-hire basis. The company 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. “

Separately, BidaskClub cut Kelly Services from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, December 5th.

Kelly Services (KELYA) traded up $0.12 during mid-day trading on Wednesday, reaching $28.55. The company’s stock had a trading volume of 102,748 shares, compared to its average volume of 134,831. Kelly Services has a twelve month low of $20.27 and a twelve month high of $30.93. The stock has a market capitalization of $1,097.03, a PE ratio of 14.95 and a beta of 1.11.

Kelly Services (NASDAQ:KELYA) last posted its quarterly earnings data on Wednesday, November 8th. The business services provider reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.27. Kelly Services had a return on equity of 7.25% and a net margin of 1.44%. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the previous year, the firm earned $0.44 earnings per share. The business’s revenue was up 6.5% on a year-over-year basis. equities analysts predict that Kelly Services will post 2.04 earnings per share for the current year.

In other news, CEO George S. Corona sold 3,000 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $28.06, for a total transaction of $84,180.00. Following the transaction, the chief executive officer now owns 193,473 shares of the company’s stock, valued at approximately $5,428,852.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Leslie A. Murphy sold 7,500 shares of the company’s stock in a transaction on Friday, November 17th. The shares were sold at an average price of $28.69, for a total value of $215,175.00. Following the transaction, the director now directly owns 22,695 shares in the company, valued at approximately $651,119.55. The disclosure for this sale can be found here. In the last three months, insiders sold 17,400 shares of company stock worth $499,800. Insiders own 16.10% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Walthausen & Co. LLC purchased a new position in shares of Kelly Services during the 3rd quarter valued at $3,575,000. California Public Employees Retirement System lifted its position in shares of Kelly Services by 2.3% during the 3rd quarter. California Public Employees Retirement System now owns 142,241 shares of the business services provider’s stock valued at $3,569,000 after buying an additional 3,241 shares during the last quarter. Allianz Asset Management GmbH lifted its position in shares of Kelly Services by 8.0% during the 3rd quarter. Allianz Asset Management GmbH now owns 154,868 shares of the business services provider’s stock valued at $3,886,000 after buying an additional 11,508 shares during the last quarter. Mackenzie Financial Corp purchased a new position in shares of Kelly Services during the 3rd quarter valued at $954,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Kelly Services by 0.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,945,394 shares of the business services provider’s stock valued at $73,900,000 after buying an additional 9,868 shares during the last quarter. 65.91% of the stock is currently owned by hedge funds and other institutional investors.

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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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