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

Allspring Global Investments Holdings LLC raised its stake in shares of Kelly Services, Inc. (NASDAQ:KELYAGet Rating) by 13.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,639 shares of the business services provider’s stock after purchasing an additional 2,896 shares during the period. Allspring Global Investments Holdings LLC owned 0.06% of Kelly Services worth $334,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in KELYA. Bank of New York Mellon Corp raised its position in Kelly Services by 0.7% during the first quarter. Bank of New York Mellon Corp now owns 417,195 shares of the business services provider’s stock valued at $9,050,000 after purchasing an additional 2,941 shares during the period. American Century Companies Inc. raised its holdings in shares of Kelly Services by 26.0% in the first quarter. American Century Companies Inc. now owns 67,385 shares of the business services provider’s stock worth $1,462,000 after buying an additional 13,906 shares during the period. US Bancorp DE raised its holdings in shares of Kelly Services by 16.9% in the first quarter. US Bancorp DE now owns 4,185 shares of the business services provider’s stock worth $91,000 after buying an additional 606 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Kelly Services by 66.0% in the first quarter. PNC Financial Services Group Inc. now owns 6,038 shares of the business services provider’s stock worth $132,000 after buying an additional 2,401 shares during the period. Finally, MetLife Investment Management LLC raised its holdings in shares of Kelly Services by 48.2% in the first quarter. MetLife Investment Management LLC now owns 18,311 shares of the business services provider’s stock worth $397,000 after buying an additional 5,957 shares during the period. 74.86% of the stock is currently owned by hedge funds and other institutional investors.

Kelly Services Stock Down 0.3 %

Shares of NASDAQ:KELYA opened at $17.57 on Wednesday. Kelly Services, Inc. has a 52-week low of $13.41 and a 52-week high of $23.00. The stock has a market cap of $666.75 million, a P/E ratio of 87.85, a price-to-earnings-growth ratio of 0.67 and a beta of 1.08. The business’s 50 day moving average is $16.86 and its 200 day moving average is $16.97.

Kelly Services (NASDAQ:KELYAGet Rating) last announced its quarterly earnings data on Thursday, November 10th. The business services provider reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.04. Kelly Services had a return on equity of 5.47% and a net margin of 0.20%. The company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.21 billion. On average, sell-side analysts anticipate that Kelly Services, Inc. will post 1.5 EPS for the current fiscal year.

Kelly Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 7th. Shareholders of record on Wednesday, November 23rd were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, November 22nd. This represents a $0.30 annualized dividend and a yield of 1.71%. Kelly Services’s dividend payout ratio (DPR) is presently 150.01%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on KELYA. Northcoast Research downgraded Kelly Services from a “buy” rating to a “neutral” rating in a report on Wednesday, December 7th. Barrington Research reduced their price target on Kelly Services from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Friday, November 18th. Noble Financial reduced their price target on Kelly Services to $25.00 in a report on Wednesday, November 16th. Finally, StockNews.com initiated coverage on Kelly Services in a report on Wednesday, October 12th. They issued a “hold” rating on the stock.

About Kelly Services

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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.

Further Reading

Institutional Ownership by Quarter for Kelly Services (NASDAQ:KELYA)

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