Tuesday, August 25, 2020
Kelly Services Inc. (KELYA)
Are the B Shares Telling Us Something?
Kelly Services Inc is a provider of workforce solutions and consulting and staffing services. The company’s operations are divided into three business segments namely Americas Staffing, Global Talent Solutions (“GTS”) and International Staffing. It provides staffing solutions through its branch networks in Americas and International operations and also provides a suite of innovative talent fulfilment and outcome-based solutions through GTS segment. Americas Staffing generates maximum revenue from its operations.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
B Shares on a Tear. Since August 11th, Kelly Services’ B shares (KELYB) have traded in a range of $18 to $90, completely disconnecting from the A shares. On the 11th, the shares more than doubled to $38.28 on 494,100 shares of volume, with an additional 558,800 shares changing hands this past Friday.Yesterday the B shares closed at $35.17, with the A shares at $19.44 Historically, the A and B shares have traded in tandem with little price difference.
What are the B Shares? The 3.4 million outstanding B shares actually control the Company as they are the only voting shares. The Adderley Trust held 3.1 million of the B shares as of March 16, 2020, unchanged from the original Schedule 13D filing of October 19, 2018. If the Trust were to make a material change in its holding …
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