Invenomic Capital Management LP Increases Stock Holdings in Shutterstock, Inc. $SSTK

Key Points

• Invenomic Capital Management LP increased its stake in Shutterstock, Inc. (NYSE:SSTK) by 47.1% during Q1, now holding approximately 2.51% of the company, valued at $16.49 million.
• Shutterstock reported earnings of $1.19 per share for the last quarter, missing estimates but achieving a revenue of $266.99 million, which exceeded analyst expectations.
• The company announced a quarterly dividend of $0.33 per share, representing an annualized yield of 6.4%, with a dividend payout ratio of 72.93%.

Invenomic Capital Management LP increased its holdings in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 47.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 885,022 shares of the business services provider's stock after buying an additional 283,532 shares during the quarter. Invenomic Capital Management LP owned about 2.51% of Shutterstock worth $16,488,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Ancora Advisors LLC purchased a new position in Shutterstock during the first quarter worth about $319,000. Adage Capital Partners GP L.L.C. purchased a new position in Shutterstock during the first quarter worth about $1,863,000. Steamboat Capital Partners LLC purchased a new position in Shutterstock during the first quarter worth about $915,000. Nomura Holdings Inc. purchased a new position in Shutterstock during the first quarter worth about $393,000. Finally, Hotchkis & Wiley Capital Management LLC lifted its position in Shutterstock by 63.8% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 538,670 shares of the business services provider's stock worth $10,035,000 after buying an additional 209,840 shares during the period. 82.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SSTK shares. Wall Street Zen upgraded Shutterstock from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Needham & Company LLC dropped their price target on Shutterstock from $30.00 to $25.00 and set a "buy" rating for the company in a research note on Monday, June 2nd. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $43.67.

Shutterstock Trading Down 0.4%

NYSE:SSTK traded down $0.09 on Wednesday, hitting $20.18. 102,766 shares of the stock were exchanged, compared to its average volume of 436,008. The stock has a market cap of $715.78 million, a PE ratio of 11.15 and a beta of 1.05. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.20. The stock has a fifty day moving average of $20.17 and a 200-day moving average of $18.94. Shutterstock, Inc. has a fifty-two week low of $14.35 and a fifty-two week high of $38.80.

Shutterstock (NYSE:SSTK - Get Free Report) last announced its quarterly 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 for the quarter, compared to analyst estimates of $248.27 million. Shutterstock had a return on equity of 18.42% and a net margin of 6.36%.The business's revenue was up 21.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.00 earnings per share. As a group, equities analysts expect that Shutterstock, Inc. will post 3.12 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

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