LSV Asset Management Cuts Stake 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 holdings in Shutterstock, Inc. (NYSE:SSTK - Free Report) by 5.0% in the 1st quarter, according to its most recent Form 13F filing 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 4.53% of Shutterstock worth $29,755,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Versant Capital Management Inc lifted its holdings in shares of Shutterstock by 1,908.6% during the first quarter. Versant Capital Management Inc now owns 1,406 shares of the business services provider's stock valued at $26,000 after purchasing an additional 1,336 shares in the last quarter. HHM Wealth Advisors LLC purchased a new stake in Shutterstock during the first quarter valued at approximately $28,000. CWM LLC grew its stake in shares of Shutterstock by 93.8% during the first quarter. CWM LLC now owns 1,810 shares of the business services provider's stock valued at $34,000 after buying an additional 876 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Shutterstock in the 4th quarter worth approximately $134,000. Finally, Covestor Ltd lifted its stake in shares of Shutterstock by 11.3% during the fourth quarter. Covestor Ltd now owns 5,092 shares of the business services provider's stock worth $155,000 after buying an additional 515 shares during the period. 82.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on SSTK shares. Needham & Company LLC cut their price objective on shares of Shutterstock from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Monday, June 2nd. Wall Street Zen upgraded shares of Shutterstock from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Shutterstock in a report on Monday, May 5th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $43.67.

Shutterstock Stock Down 2.6%

Shares of Shutterstock stock traded down $0.55 during midday trading on Thursday, reaching $20.93. 231,230 shares of the company's stock traded hands, compared to its average volume of 469,696. The company has a market cap of $742.42 million, a price-to-earnings ratio of 11.56 and a beta of 0.99. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.49 and a current ratio of 0.49. The company's 50 day simple moving average is $19.05 and its 200 day simple moving average is $20.42. Shutterstock, Inc. has a 52 week low of $14.35 and a 52 week high of $38.80.

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

Shutterstock Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be given 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 6.3%. Shutterstock's dividend payout ratio is presently 72.93%.

About Shutterstock

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.