Cornercap Investment Counsel Inc. Buys New Stake in Kelly Services, Inc. (NASDAQ:KELYA)

Cornercap Investment Counsel Inc. purchased a new position in shares of Kelly Services, Inc. (NASDAQ:KELYA) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 11,346 shares of the business services provider’s stock, valued at approximately $243,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. US Bancorp DE lifted its stake in shares of Kelly Services by 9.3% in the 3rd quarter. US Bancorp DE now owns 10,135 shares of the business services provider’s stock worth $217,000 after acquiring an additional 866 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Kelly Services by 1,730.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 234,057 shares of the business services provider’s stock valued at $5,011,000 after purchasing an additional 221,271 shares in the last quarter. Creative Planning acquired a new position in shares of Kelly Services during the 3rd quarter valued at $203,000. Essex Investment Management Co. LLC bought a new stake in shares of Kelly Services in the 3rd quarter worth $1,706,000. Finally, Exchange Traded Concepts LLC acquired a new stake in shares of Kelly Services in the third quarter valued at $781,000. Institutional investors own 76.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on KELYA shares. StockNews.com cut shares of Kelly Services from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. Barrington Research dropped their target price on shares of Kelly Services from $29.00 to $25.00 and set an “outperform” rating on the stock in a report on Monday.

Kelly Services Stock Performance

Shares of NASDAQ KELYA opened at $14.16 on Tuesday. Kelly Services, Inc. has a 52-week low of $14.16 and a 52-week high of $25.27. The stock has a market capitalization of $503.67 million, a price-to-earnings ratio of 12.31, a PEG ratio of 0.54 and a beta of 1.20. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.18. The stock’s fifty day simple moving average is $19.95 and its 200 day simple moving average is $21.05.

Kelly Services (NASDAQ:KELYA) last posted its quarterly earnings data on Thursday, November 7th. The business services provider reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.23). The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.07 billion. Kelly Services had a net margin of 0.97% and a return on equity of 6.93%. Kelly Services’s quarterly revenue was down 7.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.50 earnings per share. As a group, sell-side analysts forecast that Kelly Services, Inc. will post 2.07 earnings per share for the current fiscal year.

Kelly Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 20th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend is Wednesday, November 20th. Kelly Services’s dividend payout ratio (DPR) is currently 26.09%.

Kelly Services Company 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.