Primecap Management Co. CA Has $379,000 Stock Holdings in Shutterstock, Inc. (NYSE:SSTK)

Key Points

• Primecap Management Co. CA reduced its stake in Shutterstock, Inc. by 61.1%, owning 20,359 shares valued at approximately $379,000 after selling 31,941 shares in the first quarter.
• Shutterstock announced a quarterly dividend of $0.33 per share, resulting in a 6.5% dividend yield, with the payment scheduled for September 18th.
• Despite missing earnings estimates with an EPS of $1.19, Shutterstock reported a 21.3% year-over-year revenue growth to $266.99 million for the latest quarter.

Primecap Management Co. CA decreased its holdings in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 61.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,359 shares of the business services provider's stock after selling 31,941 shares during the period. Primecap Management Co. CA owned about 0.06% of Shutterstock worth $379,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its position in shares of Shutterstock by 11.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,636 shares of the business services provider's stock worth $201,000 after acquiring an additional 682 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in Shutterstock by 159.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 78,652 shares of the business services provider's stock valued at $1,465,000 after acquiring an additional 48,382 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Shutterstock by 50.6% in the 4th quarter. Franklin Resources Inc. now owns 23,209 shares of the business services provider's stock valued at $704,000 after acquiring an additional 7,796 shares during the last quarter. Millennium Management LLC lifted its holdings in Shutterstock by 77.6% in the 4th quarter. Millennium Management LLC now owns 299,412 shares of the business services provider's stock valued at $9,087,000 after acquiring an additional 130,831 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Shutterstock by 33.3% in the 1st quarter. Victory Capital Management Inc. now owns 55,137 shares of the business services provider's stock valued at $1,027,000 after acquiring an additional 13,767 shares during the last quarter. Institutional investors own 82.79% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on SSTK. JMP Securities restated a "market perform" rating on shares of Shutterstock in a report on Monday, May 5th. Needham & Company LLC dropped 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. Finally, Wall Street Zen upgraded Shutterstock from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, Shutterstock has a consensus rating of "Hold" and a consensus target price of $43.67.

Shutterstock Stock Performance

Shares of SSTK traded up $0.62 during mid-day trading on Tuesday, hitting $20.41. The company's stock had a trading volume of 95,598 shares, compared to its average volume of 465,474. Shutterstock, Inc. has a one year low of $14.35 and a one year high of $38.80. 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 firm has a market capitalization of $723.77 million, a PE ratio of 11.29 and a beta of 0.99. The stock's 50-day moving average is $19.16 and its two-hundred day moving average is $20.06.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its earnings results on Tuesday, July 29th. The business services provider reported $1.19 EPS for the quarter, missing the consensus estimate of $1.65 by ($0.46). The firm 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 last year, the business earned $1.00 earnings per share. As a group, sell-side analysts anticipate that Shutterstock, Inc. will post 3.12 EPS for the current year.

Shutterstock Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be paid a $0.33 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.5%. Shutterstock's dividend payout ratio (DPR) is 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.