Connor Clark & Lunn Investment Management Ltd. reduced its position in Kelly Services, Inc. (NASDAQ:KELYA) by 9.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 53,954 shares of the business services provider’s stock after selling 5,375 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.14% of Kelly Services worth $1,297,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of KELYA. Sei Investments Co. raised its stake in shares of Kelly Services by 384.8% during the second quarter. Sei Investments Co. now owns 5,759 shares of the business services provider’s stock worth $129,000 after purchasing an additional 4,571 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of Kelly Services during the second quarter worth approximately $161,000. Itau Unibanco Holding S.A. purchased a new stake in shares of Kelly Services during the second quarter worth approximately $186,000. Paloma Partners Management Co purchased a new stake in shares of Kelly Services during the second quarter worth approximately $219,000. Finally, Commonwealth Bank of Australia purchased a new stake in shares of Kelly Services during the third quarter worth approximately $242,000. 66.40% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently commented on the company. BidaskClub cut Kelly Services from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 17th. ValuEngine cut Kelly Services from a “hold” rating to a “sell” rating in a research note on Thursday, November 8th. Finally, Sidoti assumed coverage on Kelly Services in a research note on Friday, August 24th. They set a “buy” rating and a $37.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $34.50.
Kelly Services stock opened at $20.64 on Friday. Kelly Services, Inc. has a 12 month low of $20.27 and a 12 month high of $32.31. The company has a market cap of $811.13 million, a PE ratio of 9.38 and a beta of 0.74.
Kelly Services (NASDAQ:KELYA) last released its quarterly earnings data on Wednesday, November 7th. The business services provider reported $0.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.18. The firm had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.36 billion. Kelly Services had a return on equity of 7.45% and a net margin of 1.17%. Kelly Services’s revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.58 earnings per share. As a group, research analysts forecast that Kelly Services, Inc. will post 2.3 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 6th. Shareholders of record on Wednesday, November 21st were given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend was Tuesday, November 20th. Kelly Services’s payout ratio is 13.64%.
About Kelly Services
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 (GTS), 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.
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