Kelly Services, Inc. (NASDAQ:KELYA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “KELLY SERVICES, INC. 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. “

Several other brokerages have also recently issued reports on KELYA. Northcoast Research reaffirmed a “neutral” rating on shares of Kelly Services in a report on Friday, May 12th. ValuEngine raised shares of Kelly Services from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, BidaskClub raised shares of Kelly Services from a “strong sell” rating to a “sell” rating in a report on Thursday, July 6th.

Kelly Services (NASDAQ KELYA) traded up 1.15% during midday trading on Wednesday, reaching $22.91. 118,746 shares of the company’s stock traded hands. Kelly Services has a 52-week low of $18.01 and a 52-week high of $24.70. The firm’s 50-day moving average is $22.95 and its 200 day moving average is $22.22. The firm has a market cap of $877.16 million, a PE ratio of 7.40 and a beta of 0.98.

Kelly Services (NASDAQ:KELYA) last issued its earnings results on Thursday, May 11th. The business services provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.14. The business had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Kelly Services had a net margin of 2.37% and a return on equity of 6.39%. The business’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.19 earnings per share. Equities research analysts expect that Kelly Services will post $1.72 earnings per share for the current fiscal year.

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In other news, Director Donald R. Parfet sold 22,029 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $23.10, for a total transaction of $508,869.90. Following the completion of the transaction, the director now directly owns 23,520 shares of the company’s stock, valued at $543,312. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Antonina M. Ramsey sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $24.13, for a total transaction of $361,950.00. Following the transaction, the insider now directly owns 47,678 shares of the company’s stock, valued at $1,150,470.14. The disclosure for this sale can be found here. 13.30% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System boosted its position in Kelly Services by 0.8% in the first quarter. Louisiana State Employees Retirement System now owns 11,900 shares of the business services provider’s stock valued at $260,000 after buying an additional 100 shares during the last quarter. Prudential Financial Inc. boosted its position in Kelly Services by 0.4% in the first quarter. Prudential Financial Inc. now owns 50,288 shares of the business services provider’s stock valued at $1,099,000 after buying an additional 180 shares during the last quarter. Arizona State Retirement System boosted its position in Kelly Services by 1.3% in the first quarter. Arizona State Retirement System now owns 15,260 shares of the business services provider’s stock valued at $334,000 after buying an additional 200 shares during the last quarter. Capital One National Association boosted its position in Kelly Services by 1.0% in the first quarter. Capital One National Association now owns 21,081 shares of the business services provider’s stock valued at $461,000 after buying an additional 218 shares during the last quarter. Finally, Eqis Capital Management Inc. boosted its position in Kelly Services by 3.3% in the first quarter. Eqis Capital Management Inc. now owns 10,937 shares of the business services provider’s stock valued at $239,000 after buying an additional 347 shares during the last quarter. 65.97% of the stock is owned by hedge funds and other institutional investors.

Kelly Services Company Profile

Kelly Services, Inc is a workforce solutions provider, which is engaged in offering a range of specialty services. The Company provides workforce solutions in three regions: the Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific (APAC). The Company’s segments are Americas Commercial, Americas Professional and Technical (Americas PT), EMEA Commercial, EMEA Professional and Technical (EMEA PT), and Outsourcing and Consulting Group (OCG).

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