Principal Financial Group Inc. Sells 6,730 Shares of Kelly Services, Inc. (NASDAQ:KELYA)

Principal Financial Group Inc. reduced its position in Kelly Services, Inc. (NASDAQ:KELYA) by 4.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 151,987 shares of the business services provider’s stock after selling 6,730 shares during the quarter. Principal Financial Group Inc.’s holdings in Kelly Services were worth $3,254,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in KELYA. Federated Hermes Inc. boosted its holdings in shares of Kelly Services by 6.8% in the second quarter. Federated Hermes Inc. now owns 10,454 shares of the business services provider’s stock valued at $224,000 after purchasing an additional 668 shares during the period. US Bancorp DE raised its position in Kelly Services by 9.3% during the 3rd quarter. US Bancorp DE now owns 10,135 shares of the business services provider’s stock valued at $217,000 after purchasing an additional 866 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Kelly Services in the 2nd quarter worth $30,000. Franklin Resources Inc. grew its position in shares of Kelly Services by 9.3% during the 3rd quarter. Franklin Resources Inc. now owns 22,362 shares of the business services provider’s stock worth $456,000 after buying an additional 1,905 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in shares of Kelly Services during the second quarter valued at $51,000. Institutional investors own 76.34% of the company’s stock.

Analysts Set New Price Targets

Separately, Barrington Research lowered their price objective on shares of Kelly Services from $29.00 to $25.00 and set an “outperform” rating for the company in a research note on Monday, November 18th.

Kelly Services Stock Performance

Shares of KELYA stock opened at $14.25 on Friday. The firm has a market cap of $507.44 million, a price-to-earnings ratio of 12.39, a PEG ratio of 0.55 and a beta of 1.12. Kelly Services, Inc. has a 52-week low of $12.68 and a 52-week high of $25.27. 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 company’s 50 day moving average is $15.27 and its 200 day moving average is $19.04.

Kelly Services (NASDAQ:KELYA) last announced its quarterly earnings results on Thursday, November 7th. The business services provider reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.23). The company had revenue of $1.04 billion during 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%. The company’s revenue was down 7.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.50 earnings per share. On average, sell-side analysts anticipate that Kelly Services, Inc. will post 1.93 EPS for the current fiscal year.

Kelly Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Shareholders of record on Wednesday, November 20th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend was Wednesday, November 20th. Kelly Services’s payout ratio is 26.09%.

Insider Activity

In other Kelly Services news, SVP Daniel H. Malan purchased 3,500 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were acquired at an average price of $13.88 per share, for a total transaction of $48,580.00. Following the completion of the purchase, the senior vice president now owns 95,906 shares of the company’s stock, valued at approximately $1,331,175.28. The trade was a 3.79 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 3.90% of the company’s stock.

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.