Allspring Global Investments Holdings LLC Trims Holdings in Kelly Services, Inc. (NASDAQ:KELYA)

Allspring Global Investments Holdings LLC cut its holdings in Kelly Services, Inc. (NASDAQ:KELYA) by 69.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,087 shares of the business services provider’s stock after selling 54,116 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.07% of Kelly Services worth $317,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of KELYA. Parallel Advisors LLC boosted its stake in Kelly Services by 5,012.7% in the 1st quarter. Parallel Advisors LLC now owns 2,812 shares of the business services provider’s stock worth $37,000 after purchasing an additional 2,757 shares in the last quarter. Renaissance Technologies LLC bought a new position in Kelly Services in the 4th quarter worth about $5,343,000. Cetera Investment Advisers bought a new position in Kelly Services in the 4th quarter worth about $158,000. GAMMA Investing LLC lifted its stake in Kelly Services by 923.2% during the 1st quarter. GAMMA Investing LLC now owns 95,469 shares of the business services provider’s stock valued at $1,257,000 after acquiring an additional 86,139 shares during the period. Finally, Bank of America Corp DE lifted its stake in Kelly Services by 123.7% during the 4th quarter. Bank of America Corp DE now owns 146,462 shares of the business services provider’s stock valued at $2,042,000 after acquiring an additional 80,995 shares during the period. 76.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on KELYA. Barrington Research restated an “outperform” rating and set a $25.00 target price on shares of Kelly Services in a research note on Tuesday, May 20th. Wall Street Zen cut shares of Kelly Services from a “buy” rating to a “hold” rating in a research note on Tuesday, May 20th.

Kelly Services Price Performance

KELYA opened at $12.46 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.64 and a current ratio of 1.64. The stock has a market capitalization of $434.73 million, a P/E ratio of -20.77, a P/E/G ratio of 0.46 and a beta of 0.95. The company’s 50-day simple moving average is $11.94 and its two-hundred day simple moving average is $12.71. Kelly Services, Inc. has a 52-week low of $10.80 and a 52-week high of $23.81.

Kelly Services (NASDAQ:KELYA) last issued its quarterly earnings data on Thursday, May 8th. The business services provider reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.14). Kelly Services had a positive return on equity of 6.13% and a negative net margin of 0.46%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.16 billion. As a group, analysts predict that Kelly Services, Inc. will post 2.45 EPS for the current year.

Kelly Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Monday, May 19th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 2.41%. The ex-dividend date was Monday, May 19th. Kelly Services’s dividend payout ratio is -50.00%.

Kelly Services Profile

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 permanent placement services providing administrative, accounting, and finance; light industrial; contact center staffing; and other workforce solutions.