Zacks Investment Research Upgrades Kelly Services, Inc. (KELYA) to “Buy”
Kelly Services, Inc. (NASDAQ:KELYA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The brokerage presently has a $24.00 price target on the business services provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 11.52% from the stock’s current price.
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 research analysts also recently weighed in on the company. ValuEngine upgraded Kelly Services from a “hold” rating to a “buy” rating in a research note on Friday. BidaskClub downgraded Kelly Services from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Finally, Northcoast Research restated a “neutral” rating on shares of Kelly Services in a research note on Friday, May 12th.
Shares of Kelly Services (NASDAQ KELYA) traded down 1.33% during midday trading on Friday, reaching $21.52. 161,808 shares of the company were exchanged. Kelly Services has a 12-month low of $18.01 and a 12-month high of $24.70. The stock has a market capitalization of $824.19 million, a P/E ratio of 6.45 and a beta of 0.98. The company has a 50 day moving average price of $22.55 and a 200-day moving average price of $22.18.
Kelly Services (NASDAQ:KELYA) last announced its quarterly earnings data on Wednesday, August 9th. The business services provider reported $0.47 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.24. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. Kelly Services had a return on equity of 6.88% and a net margin of 2.58%. The firm’s revenue was down 3.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.29 EPS. On average, analysts forecast that Kelly Services will post $1.73 earnings per share for the current fiscal year.
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In other news, Director Donald R. Parfet sold 22,029 shares of the company’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $23.10, for a total transaction of $508,869.90. Following the sale, the director now directly owns 23,520 shares of the company’s stock, valued at approximately $543,312. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Antonina M. Ramsey sold 15,000 shares of the company’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 sale, the insider now directly owns 47,678 shares in the company, valued at $1,150,470.14. The disclosure for this sale can be found here. Corporate insiders own 16.10% of the company’s stock.
Several hedge funds have recently modified their holdings of KELYA. Norges Bank purchased a new stake in shares of Kelly Services during the fourth quarter valued at about $14,457,000. Teachers Advisors LLC boosted its stake in shares of Kelly Services by 3.8% in the fourth quarter. Teachers Advisors LLC now owns 50,307 shares of the business services provider’s stock valued at $1,153,000 after buying an additional 1,829 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of Kelly Services by 0.8% in the first quarter. Louisiana State Employees Retirement System now owns 11,900 shares of the business services provider’s stock valued at $260,000 after buying an additional 100 shares during the period. James Investment Research Inc. purchased a new stake in shares of Kelly Services during the first quarter valued at about $1,805,000. Finally, Acadian Asset Management LLC boosted its stake in shares of Kelly Services by 186.5% in the first quarter. Acadian Asset Management LLC now owns 68,847 shares of the business services provider’s stock valued at $1,504,000 after buying an additional 44,818 shares during the period. 65.86% of the stock is currently owned by institutional investors and hedge funds.
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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