LSV Asset Management Lowers Stock Holdings in Shutterstock, Inc. (NYSE:SSTK)

Key Points

• LSV Asset Management reduced its stake in Shutterstock by 5%, now holding approximately 4.53% of the company, equating to about $29.8 million after selling 84,032 shares in Q1.
• Shutterstock reported earnings per share of $1.19 for the last quarter, which was below estimates, while its revenue rose 21.3% year-over-year to $266.99 million.
• The company announced a quarterly dividend of $0.33, translating to an annualized dividend yield of 7.1%, with a payout ratio of 72.93%.

LSV Asset Management decreased its position in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 5.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,597,153 shares of the business services provider's stock after selling 84,032 shares during the period. LSV Asset Management owned approximately 4.53% of Shutterstock worth $29,755,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. American Century Companies Inc. increased its holdings in shares of Shutterstock by 11.6% in the fourth quarter. American Century Companies Inc. now owns 48,086 shares of the business services provider's stock worth $1,459,000 after buying an additional 4,984 shares during the period. Sei Investments Co. increased its holdings in shares of Shutterstock by 6.2% in the fourth quarter. Sei Investments Co. now owns 58,977 shares of the business services provider's stock worth $1,791,000 after buying an additional 3,439 shares during the period. KLP Kapitalforvaltning AS purchased a new position in shares of Shutterstock in the fourth quarter worth about $134,000. LPL Financial LLC increased its holdings in shares of Shutterstock by 18.1% in the fourth quarter. LPL Financial LLC now owns 11,562 shares of the business services provider's stock worth $351,000 after buying an additional 1,772 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Shutterstock in the fourth quarter worth about $9,903,000. Hedge funds and other institutional investors own 82.79% of the company's stock.

Shutterstock Stock Down 2.5%

NYSE SSTK opened at $18.69 on Monday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.49 and a quick ratio of 0.49. The stock has a market capitalization of $662.93 million, a PE ratio of 10.33 and a beta of 0.99. Shutterstock, Inc. has a 1 year low of $14.35 and a 1 year high of $40.49. The business's 50-day moving average is $18.90 and its 200 day moving average is $20.56.

Shutterstock (NYSE:SSTK - Get Free Report) last posted its earnings results on Tuesday, July 29th. The business services provider reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by ($0.46). The business had revenue of $266.99 million during the quarter, compared to the consensus estimate of $248.27 million. Shutterstock had a return on equity of 18.42% and a net margin of 6.36%. The firm's revenue for the quarter was up 21.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.00 earnings per share. Sell-side analysts forecast that Shutterstock, Inc. will post 3.12 earnings per share for the current year.

Shutterstock Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Thursday, September 4th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.32 annualized dividend and a dividend yield of 7.1%. Shutterstock's dividend payout ratio (DPR) is presently 72.93%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Needham & Company LLC decreased their price objective on Shutterstock from $30.00 to $25.00 and set a "buy" rating on the stock in a report on Monday, June 2nd. JMP Securities reiterated a "market perform" rating on shares of Shutterstock in a report on Monday, May 5th. Finally, Wall Street Zen upgraded Shutterstock from a "hold" rating to a "buy" rating in a report on Saturday. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $43.67.

Shutterstock Company 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.

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