Barrington Research Comments on Kelly Services, Inc.’s FY2024 Earnings (NASDAQ:KELYA)

Kelly Services, Inc. (NASDAQ:KELYA) – Analysts at Barrington Research raised their FY2024 earnings per share (EPS) estimates for shares of Kelly Services in a note issued to investors on Thursday, August 15th. Barrington Research analyst K. Steinke now expects that the business services provider will post earnings of $2.41 per share for the year, up from their prior estimate of $2.24. Barrington Research has a “Outperform” rating and a $29.00 price objective on the stock. The consensus estimate for Kelly Services’ current full-year earnings is $2.16 per share. Barrington Research also issued estimates for Kelly Services’ Q4 2024 earnings at $0.76 EPS.

Separately, StockNews.com downgraded Kelly Services from a “buy” rating to a “hold” rating in a research note on Friday, August 9th.

Kelly Services Trading Down 0.1 %

NASDAQ:KELYA traded down $0.02 during trading hours on Friday, reaching $20.14. The company had a trading volume of 9,826 shares, compared to its average volume of 236,368. The firm has a market cap of $715.41 million, a price-to-earnings ratio of 14.50, a PEG ratio of 0.80 and a beta of 1.21. The firm’s 50 day moving average price is $21.53 and its 200-day moving average price is $22.61. Kelly Services has a 52 week low of $17.40 and a 52 week high of $25.27.

Kelly Services (NASDAQ:KELYA) last released its quarterly earnings data on Thursday, August 8th. The business services provider reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.15. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Kelly Services had a net margin of 1.11% and a return on equity of 6.87%. The firm’s quarterly revenue was down 13.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.36 earnings per share.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC increased its position in Kelly Services by 58.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 22,598 shares of the business services provider’s stock worth $489,000 after buying an additional 8,365 shares in the last quarter. Louisiana State Employees Retirement System bought a new stake in Kelly Services in the 4th quarter valued at $346,000. Mackenzie Financial Corp lifted its stake in Kelly Services by 10.7% in the 4th quarter. Mackenzie Financial Corp now owns 43,691 shares of the business services provider’s stock worth $945,000 after purchasing an additional 4,228 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of Kelly Services by 2.4% during the 4th quarter. Los Angeles Capital Management LLC now owns 64,668 shares of the business services provider’s stock valued at $1,398,000 after purchasing an additional 1,520 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its position in shares of Kelly Services by 138.6% during the fourth quarter. Teacher Retirement System of Texas now owns 30,277 shares of the business services provider’s stock valued at $655,000 after purchasing an additional 17,588 shares in the last quarter. 76.34% of the stock is currently owned by institutional investors.

Kelly Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 4th. Investors of record on Wednesday, August 21st will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend is Wednesday, August 21st. Kelly Services’s payout ratio is 21.58%.

About Kelly Services

Kelly Services, Inc, together with its subsidiaries, provides workforce solutions to various industries. The company operates through five segments: Professional & Industrial; Science, Engineering & Technology; Education; Outsourcing & Consulting; and International. The Professional & Industrial segment delivers staffing, outcome-based, and permanent placement services providing administrative, accounting, and finance; light industrial; contact center staffing; and other workforce solutions.