Copeland Capital Management LLC Sells 1,583,921 Shares of Shutterstock, Inc. (NYSE:SSTK)

Copeland Capital Management LLC lessened its holdings in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 99.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 1,745 shares of the business services provider's stock after selling 1,583,921 shares during the quarter. Copeland Capital Management LLC's holdings in Shutterstock were worth $33,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in shares of Shutterstock by 22.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,018,231 shares of the business services provider's stock worth $30,904,000 after buying an additional 189,015 shares during the period. Royce & Associates LP raised its position in Shutterstock by 18.1% during the fourth quarter. Royce & Associates LP now owns 831,626 shares of the business services provider's stock valued at $25,240,000 after acquiring an additional 127,399 shares in the last quarter. Invenomic Capital Management LP lifted its stake in Shutterstock by 28.1% in the fourth quarter. Invenomic Capital Management LP now owns 601,490 shares of the business services provider's stock valued at $18,255,000 after acquiring an additional 132,055 shares during the last quarter. Boston Trust Walden Corp grew its position in Shutterstock by 1.2% in the first quarter. Boston Trust Walden Corp now owns 557,583 shares of the business services provider's stock worth $10,388,000 after acquiring an additional 6,866 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in Shutterstock by 13.8% in the fourth quarter. Ameriprise Financial Inc. now owns 433,950 shares of the business services provider's stock worth $13,170,000 after purchasing an additional 52,682 shares in the last quarter. Institutional investors and hedge funds own 82.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Needham & Company LLC decreased their price target on shares of Shutterstock from $30.00 to $25.00 and set a "buy" rating for the company in a report on Monday, June 2nd. JMP Securities reissued a "market perform" rating on shares of Shutterstock in a report on Monday, May 5th. Finally, Wall Street Zen raised Shutterstock to a "hold" rating in a report on Saturday, June 14th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $43.67.

Shutterstock Price Performance

Shares of Shutterstock stock traded up $1.17 during trading on Tuesday, reaching $20.13. The company's stock had a trading volume of 352,377 shares, compared to its average volume of 504,406. The stock has a 50-day moving average price of $18.16 and a two-hundred day moving average price of $22.34. The stock has a market capitalization of $709.58 million, a P/E ratio of 18.47 and a beta of 1.15. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.22. Shutterstock, Inc. has a one year low of $14.35 and a one year high of $46.10.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The business services provider reported $1.03 earnings per share for the quarter, missing analysts' consensus estimates of $1.26 by ($0.23). Shutterstock had a net margin of 4.00% and a return on equity of 17.70%. The company had revenue of $242.62 million during the quarter, compared to analyst estimates of $249.44 million. During the same period in the prior year, the business earned $1.13 EPS. The business's revenue for the quarter was up 13.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Shutterstock, Inc. will post 3.12 EPS for the current fiscal year.

Shutterstock Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 19th. Stockholders of record on Thursday, June 5th were given a dividend of $0.33 per share. The ex-dividend date was Thursday, June 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.56%. Shutterstock's payout ratio is currently 121.10%.

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.