Russell Investments Group Ltd. decreased its stake in Kelly Services, Inc. (NASDAQ:KELYA) by 37.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 88,443 shares of the business services provider’s stock after selling 53,283 shares during the period. Russell Investments Group Ltd. owned 0.23% of Kelly Services worth $2,281,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Walthausen & Co. LLC boosted its position in shares of Kelly Services by 1.0% during the 1st quarter. Walthausen & Co. LLC now owns 455,830 shares of the business services provider’s stock valued at $10,056,000 after purchasing an additional 4,400 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Kelly Services by 28.5% during the 1st quarter. JPMorgan Chase & Co. now owns 438,669 shares of the business services provider’s stock valued at $9,677,000 after purchasing an additional 97,378 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Kelly Services by 31.5% during the 2nd quarter. Wells Fargo & Company MN now owns 380,752 shares of the business services provider’s stock valued at $9,973,000 after purchasing an additional 91,296 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Kelly Services by 11.9% during the 2nd quarter. Acadian Asset Management LLC now owns 299,877 shares of the business services provider’s stock valued at $7,855,000 after purchasing an additional 31,920 shares in the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of Kelly Services by 44.5% during the 2nd quarter. Prudential Financial Inc. now owns 190,355 shares of the business services provider’s stock valued at $4,985,000 after purchasing an additional 58,588 shares in the last quarter. 66.33% of the stock is owned by institutional investors.
NASDAQ:KELYA traded down $0.34 on Wednesday, hitting $24.42. The stock had a trading volume of 2,600 shares, compared to its average volume of 167,033. The business’s fifty day moving average is $26.06 and its 200 day moving average is $24.60. The company has a market cap of $960.78 million, a PE ratio of 10.78 and a beta of 0.80. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.04. Kelly Services, Inc. has a 52 week low of $19.21 and a 52 week high of $28.91.
Kelly Services (NASDAQ:KELYA) last announced its quarterly earnings results on Wednesday, August 7th. The business services provider reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.16. The business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.42 billion. Kelly Services had a return on equity of 8.41% and a net margin of 2.09%. The company’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.54 earnings per share. Equities analysts predict that Kelly Services, Inc. will post 2.28 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th were issued a $0.075 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.30 annualized dividend and a yield of 1.23%. Kelly Services’s payout ratio is currently 13.22%.
Several brokerages recently commented on KELYA. Noble Financial began coverage on Kelly Services in a research report on Tuesday, July 30th. They set an “outperform” rating and a $32.00 target price on the stock. BidaskClub lowered Kelly Services from a “hold” rating to a “sell” rating in a research report on Wednesday, September 4th. ValuEngine lowered Kelly Services from a “hold” rating to a “sell” rating in a research report on Wednesday, September 11th. Zacks Investment Research lowered Kelly Services from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th. Finally, Northcoast Research lowered Kelly Services from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 28th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $30.00.
In other news, CEO George S. Corona sold 29,110 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $25.18, for a total value of $732,989.80. Following the transaction, the chief executive officer now owns 213,311 shares in the company, valued at $5,371,170.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Bhupendra C. Shah sold 1,161 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $64.41, for a total value of $74,780.01. The disclosure for this sale can be found here. Insiders sold 32,325 shares of company stock worth $863,445 in the last 90 days. Corporate insiders own 7.20% of the company’s stock.
Kelly Services Profile
Kelly Services, Inc, together with its subsidiaries, provides workforce solutions to various industries worldwide. The company operates through three segments: Americas Staffing, Global Talent Solutions, and International Staffing. It provides trained employees for data entry, clerical, and administrative support roles across various industries; schools with instructional and non-instructional employees; support staff for seminars, sales, and trade shows; assemblers, quality control inspectors, and technicians for electronic assembly; maintenance workers, material handlers, and assemblers for light industrial works; scientists, and scientific and clinical research workforce solutions; engineering professionals across various disciplines, including aeronautical, chemical, civil/structural, electrical/instrumentation, environmental, industrial, mechanical, petroleum, pharmaceutical, quality, and telecommunications.
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