Municipal Employees Retirement System of Michigan reduced its position in Kelly Services, Inc. (NASDAQ:KELYA) by 18.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,480 shares of the business services provider’s stock after selling 22,190 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Kelly Services were worth $2,166,000 as of its most recent filing with the SEC.
Other institutional investors have also recently modified their holdings of the company. State of Alaska Department of Revenue raised its stake in shares of Kelly Services by 77.4% in the second quarter. State of Alaska Department of Revenue now owns 5,731 shares of the business services provider’s stock worth $128,000 after buying an additional 2,501 shares during the period. Mason Street Advisors LLC raised its stake in shares of Kelly Services by 7.0% in the first quarter. Mason Street Advisors LLC now owns 6,837 shares of the business services provider’s stock worth $149,000 after buying an additional 449 shares during the period. Victory Capital Management Inc. raised its stake in shares of Kelly Services by 34.6% in the first quarter. Victory Capital Management Inc. now owns 7,213 shares of the business services provider’s stock worth $158,000 after buying an additional 1,856 shares during the period. Eqis Capital Management Inc. raised its stake in shares of Kelly Services by 3.3% in the first quarter. Eqis Capital Management Inc. now owns 10,937 shares of the business services provider’s stock worth $239,000 after buying an additional 347 shares during the period. Finally, Menta Capital LLC bought a new stake in shares of Kelly Services during the first quarter worth about $241,000. Hedge funds and other institutional investors own 65.88% of the company’s stock.
Shares of Kelly Services, Inc. (KELYA) opened at 22.91 on Wednesday. Kelly Services, Inc. has a 52 week low of $18.01 and a 52 week high of $24.70. The firm has a market cap of $877.16 million, a price-to-earnings ratio of 7.40 and a beta of 0.98. The stock has a 50 day moving average of $22.58 and a 200-day moving average of $22.19.
Kelly Services (NASDAQ:KELYA) last issued its quarterly earnings results on Thursday, May 11th. The business services provider reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.14. Kelly Services had a net margin of 2.37% and a return on equity of 6.39%. The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the firm earned $0.19 EPS. The business’s revenue was down 4.4% on a year-over-year basis. Equities research analysts expect that Kelly Services, Inc. will post $1.72 earnings per share for the current year.
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A number of brokerages have recently issued reports on KELYA. BidaskClub lowered shares of Kelly Services from a “sell” rating to a “strong sell” rating in a research note on Monday. ValuEngine lowered shares of Kelly Services from a “buy” rating to a “hold” rating in a research note on Monday, July 17th. Zacks Investment Research upgraded shares of Kelly Services from a “sell” rating to a “hold” rating in a research note on Wednesday, April 5th. Finally, Northcoast Research restated a “neutral” rating on shares of Kelly Services in a research note on Friday, May 12th.
In other Kelly Services news, Director Donald R. Parfet sold 22,029 shares of the stock in a transaction on Friday, June 9th. The shares were sold at an average price of $23.10, for a total value of $508,869.90. Following the completion of the sale, the director now directly owns 23,520 shares of the company’s stock, valued at approximately $543,312. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Antonina M. Ramsey sold 15,000 shares of the stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $24.13, for a total transaction of $361,950.00. Following the completion of the sale, the insider now directly owns 47,678 shares of the company’s stock, valued at $1,150,470.14. The disclosure for this sale can be found here. 13.30% of the stock is owned by corporate insiders.
Kelly Services Company Profile
Kelly Services, Inc is a workforce solutions provider, which is engaged in offering a range of specialty services. The Company provides workforce solutions in three regions: the Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific (APAC). The Company’s segments are Americas Commercial, Americas Professional and Technical (Americas PT), EMEA Commercial, EMEA Professional and Technical (EMEA PT), and Outsourcing and Consulting Group (OCG).
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