Wells Fargo & Company MN grew its stake in Kelly Services, Inc. (NASDAQ:KELYA) by 31.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 380,752 shares of the business services provider’s stock after purchasing an additional 91,296 shares during the quarter. Wells Fargo & Company MN owned approximately 0.98% of Kelly Services worth $9,973,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in KELYA. JPMorgan Chase & Co. lifted its stake in shares of Kelly Services by 28.5% in the first quarter. JPMorgan Chase & Co. now owns 438,669 shares of the business services provider’s stock worth $9,677,000 after buying an additional 97,378 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of Kelly Services in the 2nd quarter valued at approximately $2,064,000. Martingale Asset Management L P raised its stake in shares of Kelly Services by 45.1% in the 1st quarter. Martingale Asset Management L P now owns 182,432 shares of the business services provider’s stock valued at $4,026,000 after acquiring an additional 56,702 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Kelly Services in the 2nd quarter valued at approximately $595,000. Finally, Bank of America Corp DE raised its stake in shares of Kelly Services by 111.3% in the 4th quarter. Bank of America Corp DE now owns 43,081 shares of the business services provider’s stock valued at $882,000 after acquiring an additional 22,691 shares during the period. Institutional investors and hedge funds own 66.67% of the company’s stock.
In other news, VP Bhupendra C. Shah sold 1,161 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $64.41, for a total transaction of $74,780.01. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider James Polehna sold 1,784 shares of the stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $27.42, for a total transaction of $48,917.28. Following the transaction, the insider now owns 21,399 shares in the company, valued at $586,760.58. The disclosure for this sale can be found here. Insiders have sold a total of 32,055 shares of company stock worth $856,687 over the last ninety days. 7.20% of the stock is owned by corporate insiders.
Kelly Services (NASDAQ:KELYA) last announced its quarterly earnings data on Wednesday, August 7th. The business services provider reported $0.72 EPS for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.16. Kelly Services had a net margin of 2.09% and a return on equity of 8.41%. The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the prior year, the firm earned $0.54 EPS. Kelly Services’s quarterly revenue was down 1.4% on a year-over-year basis. As a group, equities analysts forecast that Kelly Services, Inc. will post 2.28 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 20th were paid a $0.075 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.30 dividend on an annualized basis and a yield of 1.22%. Kelly Services’s payout ratio is 13.22%.
A number of equities research analysts have recently issued reports on the stock. ValuEngine downgraded shares of Kelly Services from a “hold” rating to a “sell” rating in a research note on Wednesday. BidaskClub downgraded shares of Kelly Services from a “hold” rating to a “sell” rating in a research note on Wednesday, September 4th. Northcoast Research cut shares of Kelly Services from a “buy” rating to a “neutral” rating in a report on Wednesday, August 28th. Zacks Investment Research cut shares of Kelly Services from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. Finally, Noble Financial initiated coverage on shares of Kelly Services in a report on Tuesday, July 30th. They issued an “outperform” rating and a $32.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $30.00.
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, 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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