Connor Clark & Lunn Investment Management Ltd. Sells 31,278 Shares of Shutterstock, Inc. (NYSE:SSTK)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in Shutterstock, Inc. (NYSE:SSTK) by 36.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 53,959 shares of the business services provider’s stock after selling 31,278 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Shutterstock were worth $1,638,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Truvestments Capital LLC acquired a new position in Shutterstock during the third quarter valued at approximately $31,000. Amundi raised its stake in Shutterstock by 26.2% during the 4th quarter. Amundi now owns 2,350 shares of the business services provider’s stock worth $71,000 after buying an additional 488 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Shutterstock by 167.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider’s stock worth $76,000 after acquiring an additional 1,565 shares in the last quarter. R Squared Ltd acquired a new position in Shutterstock in the fourth quarter valued at about $108,000. Finally, Palouse Capital Management Inc. increased its holdings in shares of Shutterstock by 13.7% in the fourth quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock worth $132,000 after acquiring an additional 525 shares in the last quarter. 82.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SSTK has been the topic of several recent analyst reports. StockNews.com initiated coverage on Shutterstock in a report on Saturday, March 15th. They set a “hold” rating on the stock. Needham & Company LLC lowered their price objective on shares of Shutterstock from $45.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, March 7th. JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Finally, Truist Financial cut Shutterstock from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Shutterstock has an average rating of “Hold” and an average target price of $45.33.

Shutterstock Price Performance

NYSE SSTK opened at $19.55 on Thursday. The firm’s 50 day moving average is $26.40 and its 200-day moving average is $30.12. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $682.25 million, a PE ratio of 19.17 and a beta of 1.12. Shutterstock, Inc. has a 12-month low of $18.63 and a 12-month high of $48.42.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, February 25th. The business services provider reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.25). Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The company had revenue of $250.30 million for the quarter, compared to the consensus estimate of $254.16 million. During the same quarter in the previous year, the company posted $0.72 EPS. The business’s revenue was up 15.2% on a year-over-year basis. Equities research analysts anticipate that Shutterstock, Inc. will post 3.12 earnings per share for the current fiscal year.

Shutterstock Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, March 6th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This is a boost from Shutterstock’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a dividend yield of 6.75%. Shutterstock’s dividend payout ratio (DPR) is currently 130.69%.

Shutterstock 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.