Kornitzer Capital Management Inc. KS Sells 610 Shares of Shutterstock, Inc. (NYSE:SSTK)

Kornitzer Capital Management Inc. KS reduced its holdings in Shutterstock, Inc. (NYSE:SSTK) by 3.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 17,900 shares of the business services provider’s stock after selling 610 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Shutterstock were worth $693,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in SSTK. TD Asset Management Inc grew its stake in shares of Shutterstock by 469.3% in the 4th quarter. TD Asset Management Inc now owns 906,391 shares of the business services provider’s stock worth $43,761,000 after buying an additional 747,180 shares in the last quarter. Brown Advisory Inc. purchased a new position in shares of Shutterstock in the 4th quarter worth $21,242,000. LSV Asset Management grew its stake in shares of Shutterstock by 30.9% in the 1st quarter. LSV Asset Management now owns 1,793,785 shares of the business services provider’s stock worth $82,173,000 after buying an additional 422,942 shares in the last quarter. Epoch Investment Partners Inc. grew its stake in shares of Shutterstock by 250.4% in the 4th quarter. Epoch Investment Partners Inc. now owns 523,733 shares of the business services provider’s stock worth $25,286,000 after buying an additional 374,280 shares in the last quarter. Finally, Trigran Investments Inc. grew its stake in shares of Shutterstock by 15.5% in the 4th quarter. Trigran Investments Inc. now owns 1,214,726 shares of the business services provider’s stock worth $58,647,000 after buying an additional 163,268 shares in the last quarter. 82.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on SSTK shares. Morgan Stanley lifted their price target on shares of Shutterstock from $55.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price target on shares of Shutterstock in a research note on Tuesday, August 6th. Finally, StockNews.com raised shares of Shutterstock from a “hold” rating to a “buy” rating in a research note on Wednesday.

Shutterstock Price Performance

Shutterstock stock opened at $33.87 on Friday. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of 13.13 and a beta of 1.10. Shutterstock, Inc. has a 1 year low of $32.72 and a 1 year high of $54.40. The firm has a 50-day moving average of $37.63 and a two-hundred day moving average of $41.07.

Shutterstock (NYSE:SSTK) last released its quarterly earnings data on Tuesday, August 6th. The business services provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.01). The company had revenue of $220.05 million during the quarter, compared to analysts’ expectations of $213.44 million. Shutterstock had a net margin of 5.33% and a return on equity of 20.45%. Shutterstock’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period last year, the firm earned $0.76 earnings per share. Research analysts expect that Shutterstock, Inc. will post 3.22 earnings per share for the current year.

Shutterstock Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Thursday, August 29th will be given a $0.30 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.20 annualized dividend and a yield of 3.54%. Shutterstock’s dividend payout ratio (DPR) is 46.51%.

Shutterstock Company 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.