Kelly Services (NASDAQ:KELYA) Shares Gap Up on Earnings Beat

Kelly Services, Inc. (NASDAQ:KELYA)’s stock price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $13.29, but opened at $15.02. Kelly Services shares last traded at $14.13, with a volume of 299,889 shares.

The business services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.38. Kelly Services had a return on equity of 6.93% and a net margin of 0.97%.

Analysts Set New Price Targets

Separately, Barrington Research restated an “outperform” rating and set a $25.00 price target on shares of Kelly Services in a research report on Wednesday.

Insider Transactions at Kelly Services

In related news, SVP Daniel H. Malan bought 3,500 shares of the 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 purchase, 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 at this link. Company insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Kelly Services

Several institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of Kelly Services in the 3rd quarter worth approximately $196,000. Exchange Traded Concepts LLC bought a new stake in Kelly Services in the third quarter valued at $781,000. Creative Planning bought a new stake in Kelly Services in the third quarter valued at $203,000. Allspring Global Investments Holdings LLC increased its position in Kelly Services by 1,730.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 234,057 shares of the business services provider’s stock valued at $5,011,000 after purchasing an additional 221,271 shares during the period. Finally, US Bancorp DE raised its holdings in Kelly Services by 9.3% in the 3rd quarter. US Bancorp DE now owns 10,135 shares of the business services provider’s stock worth $217,000 after purchasing an additional 866 shares in the last quarter. Hedge funds and other institutional investors own 76.34% of the company’s stock.

Kelly Services Stock Performance

The company’s 50-day moving average price is $13.81 and its 200 day moving average price is $17.50. The stock has a market capitalization of $507.44 million, a PE ratio of 12.39, a PEG ratio of 0.40 and a beta of 1.11. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.61 and a current ratio of 1.61.

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.