Connor Clark & Lunn Investment Management Ltd. Lowers Stock Holdings in Shutterstock, Inc. $SSTK

Key Points

• Connor Clark & Lunn Investment Management Ltd. sold 18,705 shares of Shutterstock, Inc., reducing its stake by 34.7% to approximately 35,254 shares valued at $657,000.
• Shutterstock reported $1.19 EPS for the last quarter, missing analyst estimates, but its revenue increased by 21.3% year-over-year to $266.99 million.
• The company announced a quarterly dividend of $0.33, yielding 6.1%, with the ex-dividend date set for September 4th, highlighting its commitment to shareholder returns.

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 34.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 35,254 shares of the business services provider's stock after selling 18,705 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.10% of Shutterstock worth $657,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of SSTK. Performa Ltd US LLC bought a new stake in Shutterstock during the 1st quarter valued at $25,000. Versant Capital Management Inc raised its stake in Shutterstock by 1,908.6% in the 1st quarter. Versant Capital Management Inc now owns 1,406 shares of the business services provider's stock worth $26,000 after acquiring an additional 1,336 shares during the last quarter. HHM Wealth Advisors LLC purchased a new position in Shutterstock in the 1st quarter worth $28,000. CWM LLC grew its position in Shutterstock by 93.8% during the 1st quarter. CWM LLC now owns 1,810 shares of the business services provider's stock worth $34,000 after purchasing an additional 876 shares during the period. Finally, Palouse Capital Management Inc. grew its position in Shutterstock by 33.8% during the 1st quarter. Palouse Capital Management Inc. now owns 5,830 shares of the business services provider's stock worth $109,000 after purchasing an additional 1,473 shares during the period. Institutional investors own 82.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SSTK. JMP Securities reaffirmed a "market perform" rating on shares of Shutterstock in a research report on Monday, May 5th. Wall Street Zen raised Shutterstock from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Finally, Needham & Company LLC cut their price objective on Shutterstock from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Monday, June 2nd. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $43.67.

Shutterstock Stock Performance

Shares of SSTK traded up $0.47 during mid-day trading on Friday, hitting $21.91. 207,585 shares of the company's stock were exchanged, compared to its average volume of 273,574. Shutterstock, Inc. has a fifty-two week low of $14.35 and a fifty-two week high of $38.80. The firm has a market capitalization of $777.15 million, a P/E ratio of 12.11 and a beta of 0.99. The business's 50 day moving average is $19.71 and its two-hundred day moving average is $19.63. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.20.

Shutterstock (NYSE:SSTK - Get Free Report) last announced its earnings results on Tuesday, July 29th. The business services provider reported $1.19 earnings per share for the quarter, missing the consensus estimate of $1.65 by ($0.46). Shutterstock had a return on equity of 18.42% and a net margin of 6.36%.The business had revenue of $266.99 million for the quarter, compared to analyst estimates of $248.27 million. During the same quarter last year, the company posted $1.00 EPS. Shutterstock's quarterly revenue was up 21.3% on a year-over-year basis. On average, equities analysts expect that Shutterstock, Inc. will post 3.12 earnings per share for the current year.

Shutterstock Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date is Thursday, September 4th. Shutterstock's dividend payout ratio (DPR) is presently 72.93%.

Shutterstock Profile

Shutterstock, Inc provides platform to connect brands and businesses to high quality content in North America, Europe, and internationally. The company offers image services consisting of photographs, vectors, and illustrations, which is used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications, and others; footage services, including video clips, filmed by industry experts and cinema grade video effects in HD and 4K formats that are integrated into websites, social media, marketing campaigns, and cinematic productions; and music services comprising music tracks and sound effects, which are used to complement images and footage.