Kelly Services, Inc. (NASDAQ:KELYA) Sees Large Increase in Short Interest

Kelly Services, Inc. (NASDAQ:KELYA) was the target of a large increase in short interest in February. As of February 13th, there was short interest totaling 991,400 shares, an increase of 32.4% from the January 29th total of 748,719 shares. Approximately 3.0% of the company’s stock are sold short. Based on an average daily volume of 830,484 shares, the short-interest ratio is presently 1.2 days. Based on an average daily volume of 830,484 shares, the short-interest ratio is presently 1.2 days. Approximately 3.0% of the company’s stock are sold short.

Analysts Set New Price Targets

KELYA has been the topic of several recent research reports. Wall Street Zen upgraded shares of Kelly Services from a “sell” rating to a “hold” rating in a research report on Sunday, February 22nd. Barrington Research lowered their target price on Kelly Services from $16.00 to $15.00 and set an “outperform” rating on the stock in a research report on Friday, February 13th. Zacks Research cut Kelly Services from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 18th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Kelly Services in a research note on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $15.00.

Kelly Services Price Performance

KELYA stock traded down $0.34 during midday trading on Monday, hitting $9.37. The company’s stock had a trading volume of 405,263 shares, compared to its average volume of 551,464. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 0.10. Kelly Services has a 12 month low of $7.98 and a 12 month high of $14.94. The company has a 50 day moving average of $9.69 and a two-hundred day moving average of $10.94. The firm has a market capitalization of $320.55 million, a price-to-earnings ratio of -1.29, a price-to-earnings-growth ratio of 0.71 and a beta of 0.79.

Kelly Services (NASDAQ:KELYA) last issued its earnings results on Thursday, February 12th. The business services provider reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.29). The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. Kelly Services had a positive return on equity of 4.05% and a negative net margin of 5.98%. On average, analysts expect that Kelly Services will post 2.45 EPS for the current year.

Kelly Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 11th. Investors of record on Wednesday, February 25th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Wednesday, February 25th. Kelly Services’s payout ratio is currently -4.13%.

Insider Buying and Selling

In other Kelly Services news, Director James Christopher Hunt bought 4,000 shares of the firm’s stock in a transaction on Wednesday, February 25th. The stock was acquired at an average price of $9.30 per share, with a total value of $37,200.00. Following the transaction, the director owned 29,976 shares in the company, valued at $278,776.80. This represents a 15.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders bought 25,000 shares of company stock valued at $236,780. 3.90% of the stock is currently owned by company insiders.

Institutional Trading of Kelly Services

Hedge funds have recently modified their holdings of the company. Quarry LP increased its position in Kelly Services by 173.2% in the third quarter. Quarry LP now owns 1,970 shares of the business services provider’s stock worth $26,000 after purchasing an additional 1,249 shares during the last quarter. CANADA LIFE ASSURANCE Co purchased a new stake in Kelly Services during the fourth quarter valued at $30,000. Versant Capital Management Inc lifted its position in Kelly Services by 52.0% during the third quarter. Versant Capital Management Inc now owns 3,006 shares of the business services provider’s stock valued at $39,000 after purchasing an additional 1,028 shares during the last quarter. Meeder Asset Management Inc. bought a new position in Kelly Services during the fourth quarter valued at $42,000. Finally, GAMMA Investing LLC grew its stake in shares of Kelly Services by 175.4% in the 3rd quarter. GAMMA Investing LLC now owns 3,385 shares of the business services provider’s stock worth $44,000 after buying an additional 2,156 shares in the last quarter. 76.34% of the stock is owned by hedge funds and other institutional investors.

About Kelly Services

Kelly Services, Inc is a global workforce solutions provider specializing in talent acquisition and staffing services across a wide range of industries. The company offers temporary staffing, permanent placement, outsourcing solutions, and consulting services to help organizations address their workforce needs. Its service offerings are designed to support clients in areas such as administrative support, information technology, engineering, science, education, healthcare, and industrial sectors.

Founded in 1946 by William Russell Kelly, Kelly Services has grown from a small local staffing firm into an international organization.