240,110 Shares in Shutterstock, Inc. (NYSE:SSTK) Bought by Hotchkis & Wiley Capital Management LLC

Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 240,110 shares of the business services provider's stock, valued at approximately $8,493,000. Hotchkis & Wiley Capital Management LLC owned 0.69% of Shutterstock at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in SSTK. Truvestments Capital LLC purchased a new stake in Shutterstock during the 3rd quarter worth about $31,000. Allspring Global Investments Holdings LLC grew its holdings in Shutterstock by 31,733.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 955 shares of the business services provider's stock worth $37,000 after acquiring an additional 952 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in shares of Shutterstock in the 2nd quarter valued at approximately $41,000. Quarry LP raised its holdings in shares of Shutterstock by 313.0% in the 2nd quarter. Quarry LP now owns 1,111 shares of the business services provider's stock valued at $43,000 after purchasing an additional 842 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in shares of Shutterstock by 69.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider's stock worth $79,000 after purchasing an additional 838 shares during the last quarter. Institutional investors and hedge funds own 82.79% of the company's stock.

Shutterstock Stock Performance

Shares of SSTK traded down $2.35 during midday trading on Thursday, reaching $31.36. 408,872 shares of the stock were exchanged, compared to its average volume of 505,156. Shutterstock, Inc. has a twelve month low of $28.85 and a twelve month high of $54.40. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 30.86 and a beta of 1.08. The business's 50-day moving average price is $31.75 and its 200 day moving average price is $35.54.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, beating analysts' consensus estimates of $1.06 by $0.25. The company had revenue of $250.59 million during the quarter, compared to analysts' expectations of $240.90 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The firm's revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.99 earnings per share. On average, sell-side analysts expect that Shutterstock, Inc. will post 3.07 EPS for the current fiscal year.

Shutterstock Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.83%. Shutterstock's payout ratio is 117.65%.

Wall Street Analyst Weigh In

SSTK has been the topic of a number of analyst reports. Truist Financial cut their price target on Shutterstock from $65.00 to $56.00 and set a "buy" rating on the stock in a research note on Wednesday, October 30th. StockNews.com lowered Shutterstock from a "buy" rating to a "hold" rating in a research report on Wednesday, October 30th. Morgan Stanley lowered their price target on Shutterstock from $58.00 to $50.00 and set an "equal weight" rating for the company in a report on Monday, October 21st. Finally, Needham & Company LLC reissued a "buy" rating and set a $55.00 price objective on shares of Shutterstock in a report on Tuesday, October 29th.

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.