Kelly Services (KELYA) Cut to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Kelly Services (NASDAQ:KELYA) from a strong-buy rating to a hold rating in a research note published 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 downgraded shares of Kelly Services from a hold rating to a sell rating in a report on Thursday, January 4th.
Kelly Services (NASDAQ:KELYA) last announced its quarterly earnings results on Wednesday, November 8th. The business services provider reported $0.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.27. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.30 billion. Kelly Services had a net margin of 1.44% and a return on equity of 7.25%. The business’s revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.44 EPS. sell-side analysts predict that Kelly Services will post 2.04 EPS for the current fiscal year.
In other Kelly Services news, CEO George S. Corona sold 3,000 shares of the firm’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $28.06, for a total transaction of $84,180.00. Following the completion of the transaction, the chief executive officer now directly owns 193,473 shares in the company, valued at approximately $5,428,852.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Leslie A. Murphy sold 7,500 shares of the firm’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $28.69, for a total transaction of $215,175.00. Following the transaction, the director now owns 22,695 shares of the company’s stock, valued at $651,119.55. The disclosure for this sale can be found here. Insiders sold a total of 17,400 shares of company stock valued at $499,800 in the last quarter. Insiders own 16.10% of the company’s stock.
Large investors have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new position in Kelly Services during the 2nd quarter valued at about $117,000. Victory Capital Management Inc. increased its holdings in Kelly Services by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 8,484 shares of the business services provider’s stock valued at $190,000 after acquiring an additional 1,271 shares in the last quarter. Macquarie Group Ltd. purchased a new position in Kelly Services during the 3rd quarter valued at about $218,000. BNP Paribas Arbitrage SA increased its holdings in Kelly Services by 49.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 12,079 shares of the business services provider’s stock valued at $271,000 after acquiring an additional 3,976 shares in the last quarter. Finally, Voya Investment Management LLC increased its holdings in Kelly Services by 20.7% during the 2nd quarter. Voya Investment Management LLC now owns 13,274 shares of the business services provider’s stock valued at $298,000 after acquiring an additional 2,278 shares in the last quarter. Hedge funds and other institutional investors own 65.91% of the company’s stock.
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About Kelly Services
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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