Connor Clark & Lunn Investment Management Ltd. Has $1.64 Million Holdings in Shutterstock, Inc. (NYSE:SSTK)

Connor Clark & Lunn Investment Management Ltd. trimmed its position in Shutterstock, Inc. (NYSE:SSTK) by 36.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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. owned 0.15% of Shutterstock worth $1,638,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SSTK. Truvestments Capital LLC bought a new stake in Shutterstock in the 3rd quarter valued at $31,000. Amundi lifted its stake in Shutterstock by 26.2% during the fourth quarter. Amundi now owns 2,350 shares of the business services provider’s stock worth $71,000 after purchasing an additional 488 shares during the period. PNC Financial Services Group Inc. lifted its stake 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 purchasing an additional 1,565 shares during the period. R Squared Ltd acquired a new stake in Shutterstock during the fourth quarter valued at approximately $108,000. Finally, Palouse Capital Management Inc. grew its stake in shares of Shutterstock by 13.7% in the 4th quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock valued at $132,000 after purchasing an additional 525 shares during the period. 82.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SSTK. Truist Financial lowered Shutterstock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. StockNews.com started coverage on shares of Shutterstock in a research note on Saturday, March 15th. They issued a “hold” rating on the stock. JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Finally, Needham & Company LLC cut their price target on shares of Shutterstock from $45.00 to $30.00 and set a “buy” rating for the company in a report on Friday, March 7th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $45.33.

Shutterstock Stock Performance

Shares of NYSE:SSTK opened at $19.55 on Thursday. Shutterstock, Inc. has a twelve month low of $18.63 and a twelve month high of $48.42. The business has a fifty day moving average of $26.40 and a 200-day moving average of $30.12. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42. The firm has a market cap of $682.25 million, a PE ratio of 19.17 and a beta of 1.12.

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

Shutterstock Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, March 6th will be issued a $0.33 dividend. This is a boost from Shutterstock’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, March 6th. This represents a $1.32 annualized dividend and a 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.