FY2024 EPS Estimates for Kelly Services Cut by Analyst

Kelly Services, Inc. (NASDAQ:KELYA) – Analysts at Barrington Research decreased their FY2024 EPS estimates for shares of Kelly Services in a report issued on Monday, November 18th. Barrington Research analyst K. Steinke now anticipates that the business services provider will post earnings of $2.00 per share for the year, down from their previous forecast of $2.41. Barrington Research currently has a “Outperform” rating and a $25.00 price target on the stock. The consensus estimate for Kelly Services’ current full-year earnings is $2.07 per share. Barrington Research also issued estimates for Kelly Services’ Q4 2024 earnings at $0.50 EPS and FY2025 earnings at $2.35 EPS.

Kelly Services (NASDAQ:KELYA) last posted its quarterly earnings data on Thursday, November 7th. The business services provider reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.23). The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.07 billion. Kelly Services had a return on equity of 6.93% and a net margin of 0.97%. The business’s revenue was down 7.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.50 earnings per share.

Separately, StockNews.com cut shares of Kelly Services from a “buy” rating to a “hold” rating in a research report on Friday, August 9th.

Kelly Services Stock Performance

NASDAQ:KELYA opened at $13.92 on Thursday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.61 and a current ratio of 1.61. The company has a fifty day moving average of $19.56 and a two-hundred day moving average of $20.85. The stock has a market capitalization of $495.69 million, a PE ratio of 11.96, a P/E/G ratio of 0.53 and a beta of 1.20. Kelly Services has a fifty-two week low of $13.71 and a fifty-two week high of $25.27.

Institutional Trading of Kelly Services

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KELYA. Boston Partners purchased a new position in shares of Kelly Services during the first quarter worth approximately $18,618,000. Pacer Advisors Inc. grew its position in shares of Kelly Services by 45.7% during the third quarter. Pacer Advisors Inc. now owns 1,211,791 shares of the business services provider’s stock worth $25,944,000 after acquiring an additional 380,035 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Kelly Services by 1,730.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 234,057 shares of the business services provider’s stock worth $5,011,000 after acquiring an additional 221,271 shares during the last quarter. American Century Companies Inc. grew its position in shares of Kelly Services by 35.9% during the second quarter. American Century Companies Inc. now owns 682,857 shares of the business services provider’s stock worth $14,620,000 after acquiring an additional 180,238 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of Kelly Services by 178.3% during the second quarter. Assenagon Asset Management S.A. now owns 155,604 shares of the business services provider’s stock worth $3,331,000 after acquiring an additional 99,699 shares during the last quarter. Institutional investors and hedge funds own 76.34% of the company’s stock.

Insider Transactions at Kelly Services

In other news, SVP Daniel H. Malan bought 3,500 shares of Kelly Services stock in a transaction that occurred on Wednesday, November 20th. The shares were purchased at an average price of $13.88 per share, with a total value of $48,580.00. Following the completion of the acquisition, the senior vice president now directly owns 95,906 shares in the company, valued at $1,331,175.28. The trade was a 3.79 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.90% of the company’s stock.

Kelly Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 20th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $0.30 annualized dividend and a dividend yield of 2.16%. Kelly Services’s dividend payout ratio is presently 26.09%.

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.