Kelly Services (NASDAQ:KELYA) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Kelly Services (NASDAQ:KELYA) from a buy rating to a hold rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “Kelly Services, Inc. is a global leader of providing workforce solutions. Kelly Services, Inc. and its subsidiaries, offer a comprehensive array of outsourcing and consulting services as well as world-class staffing on a temporary, temporary-to-hire, and direct-hire basis. The company provides temporary office clerical, marketing, professional, technical, light industrial, home care services, management services and other business services to a diversified group of customers through offices located in major cities of the United States, Australia, Canada, Denmark, France, Ireland, Italy, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Russia, Spain, Switzerland and United Kingdom. Kelly Temporary Services provides office clerical, marketing, professional, technical, semi-skilled light industrial and management services. “

KELYA has been the subject of a number of other reports. TheStreet downgraded Stitch Fix from a c- rating to a d+ rating in a research note on Monday, May 6th. ValuEngine downgraded Whiting USA Trust II from a hold rating to a sell rating in a research note on Tuesday, May 7th. Finally, BidaskClub upgraded Zai Lab from a buy rating to a strong-buy rating in a research note on Friday, June 28th. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Kelly Services currently has an average rating of Hold and an average target price of $32.50.

KELYA opened at $26.13 on Wednesday. The stock has a 50-day moving average of $25.06. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 11.03 and a beta of 0.78. Kelly Services has a 1 year low of $19.21 and a 1 year high of $26.80.

Kelly Services (NASDAQ:KELYA) last posted its quarterly earnings results on Monday, May 6th. The business services provider reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.10. The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.41 billion. Kelly Services had a return on equity of 7.94% and a net margin of 0.29%. Kelly Services’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.32 EPS. As a group, sell-side analysts anticipate that Kelly Services will post 2.45 EPS for the current fiscal year.

In related news, EVP Teresa Carroll sold 14,661 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $25.06, for a total value of $367,404.66. Following the transaction, the executive vice president now directly owns 89,907 shares of the company’s stock, valued at approximately $2,253,069.42. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 7.20% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. raised its holdings in shares of Kelly Services by 47.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,771 shares of the business services provider’s stock worth $56,000 after acquiring an additional 891 shares in the last quarter. Denali Advisors LLC raised its holdings in Kelly Services by 6,285.7% during the 1st quarter. Denali Advisors LLC now owns 4,470 shares of the business services provider’s stock valued at $99,000 after buying an additional 4,400 shares during the period. Nisa Investment Advisors LLC raised its holdings in Kelly Services by 22.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,900 shares of the business services provider’s stock valued at $128,000 after buying an additional 900 shares during the period. Meeder Asset Management Inc. raised its holdings in Kelly Services by 60.8% during the 1st quarter. Meeder Asset Management Inc. now owns 6,343 shares of the business services provider’s stock valued at $139,000 after buying an additional 2,398 shares during the period. Finally, BNP Paribas Arbitrage SA raised its holdings in Kelly Services by 95.3% during the 1st quarter. BNP Paribas Arbitrage SA now owns 7,377 shares of the business services provider’s stock valued at $163,000 after buying an additional 3,600 shares during the period. 66.28% of the stock is currently owned by institutional investors and hedge funds.

Kelly Services Company Profile

Kelly Services, Inc, together with its subsidiaries, provides workforce solutions to various industries worldwide. The company operates through three segments: Americas Staffing, Global Talent Solutions, and International Staffing. It provides trained employees for data entry, clerical, and administrative support roles across various industries; schools with instructional and non-instructional employees; support staff for seminars, sales, and trade shows; assemblers, quality control inspectors, and technicians for electronic assembly; maintenance workers, material handlers, and assemblers for light industrial works; scientists, and scientific and clinical research workforce solutions; engineering professionals across various disciplines, including aeronautical, chemical, civil/structural, electrical/instrumentation, environmental, industrial, mechanical, petroleum, pharmaceutical, quality, and telecommunications.

Recommended Story: Why do analysts give a neutral rating?

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