Kelly Services (NASDAQ:KELYA) Shares Gap Up on Earnings Beat

Shares of Kelly Services, Inc. (NASDAQ:KELYA) gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $13.29, but opened at $15.02. Kelly Services shares last traded at $14.13, with a volume of 299,889 shares changing hands.

The business services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.38. Kelly Services had a return on equity of 6.93% and a net margin of 0.97%.

Analyst Ratings Changes

Separately, Barrington Research restated an “outperform” rating and set a $25.00 price objective on shares of Kelly Services in a research report on Wednesday.

Insider Transactions at Kelly Services

In related news, SVP Daniel H. Malan purchased 3,500 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were bought at an average price of $13.88 per share, with a total value of $48,580.00. Following the acquisition, the senior vice president now owns 95,906 shares of the company’s stock, valued at $1,331,175.28. This trade represents a 3.79 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC purchased a new position in Kelly Services in the fourth quarter worth $5,343,000. Federated Hermes Inc. grew its stake in shares of Kelly Services by 9.6% in the 4th quarter. Federated Hermes Inc. now owns 12,240 shares of the business services provider’s stock worth $171,000 after buying an additional 1,076 shares during the last quarter. Aristides Capital LLC purchased a new position in shares of Kelly Services in the 4th quarter worth about $212,000. Integrated Quantitative Investments LLC bought a new position in Kelly Services in the 4th quarter worth about $262,000. Finally, Foundry Partners LLC boosted its holdings in Kelly Services by 29.1% in the fourth quarter. Foundry Partners LLC now owns 272,610 shares of the business services provider’s stock worth $3,800,000 after purchasing an additional 61,425 shares during the last quarter. 76.34% of the stock is currently owned by hedge funds and other institutional investors.

Kelly Services Stock Performance

The business’s 50-day simple moving average is $13.81 and its 200 day simple moving average is $17.50. The firm has a market cap of $506.37 million, a P/E ratio of 12.34, a P/E/G ratio of 0.40 and a beta of 1.11. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.61 and a current ratio of 1.61.

About Kelly Services

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.