Kelly Services (NASDAQ:KELYA) Hits New 12-Month High – Here’s What Happened

Kelly Services, Inc. (NASDAQ:KELYA) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $15.19 and last traded at $14.9540, with a volume of 28267 shares traded. The stock had previously closed at $14.33.

Analysts Set New Price Targets

KELYA has been the topic of a number of analyst reports. Barrington Research reaffirmed an “outperform” rating on shares of Kelly Services in a research note on Monday, June 29th. Weiss Ratings cut shares of Kelly Services from a “sell (d)” rating to a “sell (d-)” rating in a report on Monday, May 11th. Finally, Zacks Research upgraded shares of Kelly Services from a “strong sell” rating to a “hold” rating in a research note on Monday, April 20th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $15.00.

Kelly Services Stock Down 0.6%

The business’s 50 day moving average price is $11.88 and its 200 day moving average price is $10.30. The firm has a market cap of $531.14 million, a PE ratio of -2.02, a PEG ratio of 1.17 and a beta of 0.84. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.59 and a quick ratio of 1.59.

Kelly Services (NASDAQ:KELYA) last posted its quarterly earnings results on Thursday, May 7th. The business services provider reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.04). Kelly Services had a positive return on equity of 3.07% and a negative net margin of 6.44%.The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. On average, equities research analysts expect that Kelly Services, Inc. will post 1.01 earnings per share for the current year.

Kelly Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.30 dividend on an annualized basis and a yield of 2.0%. Kelly Services’s payout ratio is -3.95%.

Insider Buying and Selling

In other Kelly Services news, EVP Vanessa Peterson Williams sold 29,999 shares of Kelly Services stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $9.78, for a total value of $293,390.22. Following the sale, the executive vice president owned 82,355 shares in the company, valued at $805,431.90. The trade was a 26.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.40% of the company’s stock.

Institutional Investors Weigh In On Kelly Services

Several institutional investors have recently modified their holdings of the company. Quarry LP grew its holdings in shares of Kelly Services by 173.2% during the third quarter. Quarry LP now owns 1,970 shares of the business services provider’s stock worth $26,000 after buying an additional 1,249 shares during the last quarter. CANADA LIFE ASSURANCE Co purchased a new position in Kelly Services in the 4th quarter valued at about $30,000. Meeder Asset Management Inc. acquired a new position in Kelly Services in the fourth quarter valued at $42,000. Tower Research Capital LLC TRC grew its stake in shares of Kelly Services by 83.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,324 shares of the business services provider’s stock valued at $51,000 after buying an additional 1,967 shares during the period. Finally, State of Alaska Department of Revenue increased its position in Kelly Services by 284.2% during the 4th quarter. State of Alaska Department of Revenue now owns 7,220 shares of the business services provider’s stock worth $63,000 after purchasing an additional 5,341 shares in the last quarter. 76.34% of the stock is owned by hedge funds and other institutional investors.

Kelly Services Company Profile

Kelly Services, Inc is a global workforce solutions provider specializing in talent acquisition and staffing services across a wide range of industries. The company offers temporary staffing, permanent placement, outsourcing solutions, and consulting services to help organizations address their workforce needs. Its service offerings are designed to support clients in areas such as administrative support, information technology, engineering, science, education, healthcare, and industrial sectors.

Founded in 1946 by William Russell Kelly, Kelly Services has grown from a small local staffing firm into an international organization.