Kelly Services (NASDAQ:KELYA) Downgraded to Sell at Zacks Investment Research

Kelly Services (NASDAQ:KELYAGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” 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. “

Several other research analysts have also issued reports on KELYA. TheStreet upgraded shares of Kelly Services from a “c” rating to a “b-” rating in a research report on Thursday, February 24th. StockNews.com assumed coverage on shares of Kelly Services in a research report on Thursday, March 31st. They issued a “buy” rating on the stock. Finally, Barrington Research lifted their price target on shares of Kelly Services from $27.00 to $30.00 in a research report on Wednesday, February 16th.

Shares of NASDAQ:KELYA opened at $19.10 on Wednesday. Kelly Services has a 12 month low of $15.89 and a 12 month high of $26.35. The stock has a market cap of $752.54 million, a price-to-earnings ratio of 9.36 and a beta of 1.03. The stock’s 50 day moving average price is $20.60 and its 200 day moving average price is $19.13.

Kelly Services (NASDAQ:KELYAGet Rating) last announced its earnings results on Thursday, May 12th. The business services provider reported $0.46 EPS for the quarter, topping the consensus estimate of $0.30 by $0.16. Kelly Services had a return on equity of 5.71% and a net margin of 1.66%. The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the previous year, the company earned $0.12 earnings per share. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. On average, equities analysts predict that Kelly Services will post 1.76 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. grew its position in Kelly Services by 4.8% during the 4th quarter. BlackRock Inc. now owns 6,379,286 shares of the business services provider’s stock worth $106,981,000 after purchasing an additional 291,947 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Kelly Services by 1.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,696,057 shares of the business services provider’s stock worth $58,478,000 after purchasing an additional 40,137 shares in the last quarter. State Street Corp grew its position in Kelly Services by 11.8% during the 1st quarter. State Street Corp now owns 1,382,847 shares of the business services provider’s stock worth $29,994,000 after purchasing an additional 145,684 shares in the last quarter. Invesco Ltd. grew its position in Kelly Services by 3.3% during the 1st quarter. Invesco Ltd. now owns 1,246,455 shares of the business services provider’s stock worth $27,036,000 after purchasing an additional 40,289 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Kelly Services by 165.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,054,370 shares of the business services provider’s stock worth $22,870,000 after purchasing an additional 656,552 shares in the last quarter. Hedge funds and other institutional investors own 70.49% of the company’s stock.

About Kelly Services (Get Rating)

Kelly Services, Inc, together with its subsidiaries, provides workforce solutions to various industries. The company operates through five segments: Professional & Industrial; Science, Engineering & Technology; Education; Outsourcing & Consulting; and International. The Professional & Industrial segment delivers staffing, outcome-based, and direct-hire services in the areas of office, professional, light industrial, and contact center specialties.

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