State Street Corp Acquires 17,579 Shares of Kelly Services, Inc. (NASDAQ:KELYA)

State Street Corp raised its holdings in Kelly Services, Inc. (NASDAQ:KELYA) by 1.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,253,704 shares of the business services provider’s stock after buying an additional 17,579 shares during the period. State Street Corp owned about 3.52% of Kelly Services worth $26,842,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Foundry Partners LLC lifted its stake in shares of Kelly Services by 21.7% during the 2nd quarter. Foundry Partners LLC now owns 183,690 shares of the business services provider’s stock worth $3,933,000 after buying an additional 32,770 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in 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. lifted its position in 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. Segall Bryant & Hamill LLC bought a new stake in shares of Kelly Services during the third quarter worth approximately $2,122,000. Finally, LSV Asset Management grew its position in shares of Kelly Services by 5.2% in the second quarter. LSV Asset Management now owns 615,729 shares of the business services provider’s stock valued at $13,183,000 after purchasing an additional 30,300 shares during the last quarter. 76.34% of the stock is owned by institutional investors and hedge funds.

Kelly Services Stock Performance

Shares of Kelly Services stock opened at $13.02 on Monday. 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 firm has a 50-day moving average of $16.58 and a 200-day moving average of $19.57. Kelly Services, Inc. has a 52-week low of $12.68 and a 52-week high of $25.27. The stock has a market cap of $463.64 million, a PE ratio of 11.32, a PEG ratio of 0.56 and a beta of 1.13.

Kelly Services (NASDAQ:KELYA) last posted its quarterly earnings data on Thursday, November 7th. The business services provider reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.23). Kelly Services had a net margin of 0.97% and a return on equity of 6.93%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the prior year, the firm earned $0.50 EPS. The business’s revenue for the quarter was down 7.1% on a year-over-year basis. As a group, sell-side analysts forecast that Kelly Services, Inc. will post 1.93 EPS for the current year.

Kelly Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Wednesday, November 20th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date was Wednesday, November 20th. Kelly Services’s dividend payout ratio is currently 26.09%.

Insiders Place Their Bets

In other news, SVP Daniel H. Malan purchased 3,500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was bought at an average price of $13.88 per share, with a total value of $48,580.00. Following the acquisition, the senior vice president now owns 95,906 shares in the company, valued at approximately $1,331,175.28. The trade was a 3.79 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.90% of the company’s stock.

Analyst Ratings Changes

Separately, Barrington Research dropped their price target on Kelly Services from $29.00 to $25.00 and set an “outperform” rating for the company in a report on Monday, November 18th.

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.