Kelly Services, Inc. (NASDAQ:KELYA) issued its earnings results on Wednesday, August 9th. The business services provider reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.24, Bloomberg Earnings reports. Kelly Services had a net margin of 2.58% and a return on equity of 6.88%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period in the previous year, the business earned $0.29 EPS. The firm’s revenue was down 3.0% on a year-over-year basis.
Shares of Kelly Services (KELYA) traded up 0.73% during trading on Friday, reaching $21.37. 515,557 shares of the company traded hands. Kelly Services has a 12 month low of $18.01 and a 12 month high of $24.70. The company has a 50-day moving average of $22.45 and a 200-day moving average of $22.14. The stock has a market capitalization of $818.64 million, a PE ratio of 6.40 and a beta of 0.98.
The company also recently declared 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. This represents a $0.30 annualized dividend and a yield of 1.40%. The ex-dividend date of this dividend is Friday, August 18th. Kelly Services’s dividend payout ratio is currently 8.85%.
In other news, 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 sale, the director now directly owns 23,520 shares in the company, valued at approximately $543,312. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 16.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Kelly Services during the fourth quarter worth about $14,457,000. Northpointe Capital LLC raised its position 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 worth $14,916,000 after buying an additional 207,671 shares during the period. Northern Trust Corp raised its position 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 worth $12,736,000 after buying an additional 195,919 shares during the period. Vanguard Group Inc. raised its position 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 worth $59,270,000 after buying an additional 183,473 shares during the period. Finally, LSV Asset Management raised its position 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 worth $17,515,000 after buying an additional 143,261 shares during the period. Institutional investors and hedge funds own 64.53% of the company’s stock.
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Several brokerages have recently weighed in on KELYA. Zacks Investment Research lowered shares of Kelly Services from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 12th. BidaskClub downgraded shares of Kelly Services from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. ValuEngine raised shares of Kelly Services from a “hold” rating to a “buy” rating in a report on Friday, August 11th. Finally, Northcoast Research reissued a “neutral” rating on shares of Kelly Services in a report on Friday, May 12th.
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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