Barrington Research raises FY 2024 EPS estimates for Kelly Services, Inc. (NASDAQ:KELYA)

Kelly Services, Inc. (NASDAQ:KELYA – Free Report) – Barrington Research raised its fiscal year 2024 EPS estimates for shares of Kelly Services in a research note issued to investors on Thursday, August 15. Barrington Research analyst K. Steinke now forecasts that the business services provider will earn $2.41 per share for the year, up from its previous estimate of $2.24. Barrington Research has an “outperform” rating on the stock and a price target of $29.00. The consensus estimate for Kelly Services’ current full-year earnings is $2.16 per share. Barrington Research also issued estimates for Kelly Services’ fourth-quarter 2024 earnings of $0.76 per share.

StockNews.com separately downgraded Kelly Services from a “buy” rating to a “hold” rating in a report on Friday, August 9.

Check out our latest research report on Kelly Services

Kelly Services trading up 0.9%

Kelly Services stock opened at $20.35 on Friday. Kelly Services has a 1-year low of $17.40 and a 1-year high of $25.27. The company’s 50-day moving average is $21.50 and its 200-day moving average is $22.59. The company has a market cap of $722.87 million, a P/E ratio of 14.64, a PEG ratio of 0.80 and a beta of 1.21.

Kelly Services (NASDAQ:KELYA – Free Report) last released its quarterly earnings results on Thursday, August 8. The business services provider reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.15. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. Kelly Services had a net margin of 1.11% and a return on equity of 6.87%. The company’s revenue for the quarter decreased 13.1% year-over-year. During the same quarter last year, the company generated earnings per share of $0.36.

Institutional investors comment on Kelly Services

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. acquired a new stake in Kelly Services in the 2nd quarter valued at $30,000. Innealta Capital LLC acquired a new stake in Kelly Services in the second quarter valued at about $39,000. nVerses Capital LLC acquired a new stake in Kelly Services in the second quarter valued at about $47,000. Meeder Asset Management Inc. acquired a new stake in Kelly Services in the second quarter valued at about $51,000. Finally, SG Americas Securities LLC acquired a new stake in Kelly Services in the first quarter valued at about $125,000. 76.34% of the shares are owned by institutional investors and hedge funds.

Dividend announcement from Kelly Services

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 4th. Shareholders of record on Wednesday, August 21st will receive a dividend of $0.075. This represents a dividend of $0.30 on an annualized basis and a dividend yield of 1.47%. The ex-dividend date is Wednesday, August 21st. Kelly Services’ payout ratio is 21.58%.

Kelly Services Company Profile

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Kelly Services, Inc., together with its subsidiaries, provides staffing solutions to various industries. The company operates through five segments: Professional & Industrial; Science, Engineering & Technology; Education; Outsourcing & Consulting; and International. The Professional & Industrial segment provides staffing, results-oriented and permanent placement services in the areas of administration, accounting and finance, light manufacturing, call center staffing and other staffing solutions.