Banque Cantonale Vaudoise Invests $2.05 Million in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Banque Cantonale Vaudoise acquired 23,815 shares of Iron Mountain Inc. during the 1st quarter, valued at approximately $2,049,000, adding to the interest from institutional investors in the stock.
• Iron Mountain reported a net margin of 1.97% and a 7.9% year-over-year revenue increase, with EPS for the quarter surpassing consensus estimates by $0.01.
• The company announced a quarterly dividend of $0.785 per share, reflecting a high payout ratio of 765.85%, indicating significant cash distribution to shareholders.

Banque Cantonale Vaudoise purchased a new position in Iron Mountain Incorporated (NYSE:IRM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 23,815 shares of the financial services provider's stock, valued at approximately $2,049,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Northern Trust Corp boosted its position in Iron Mountain by 56.1% during the 4th quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider's stock valued at $454,756,000 after acquiring an additional 1,554,746 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Iron Mountain by 439.8% during the 4th quarter. Point72 Asset Management L.P. now owns 1,200,660 shares of the financial services provider's stock valued at $126,201,000 after purchasing an additional 978,251 shares during the last quarter. Nuveen Asset Management LLC increased its position in Iron Mountain by 39.0% during the 4th quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider's stock valued at $267,922,000 after buying an additional 715,024 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Iron Mountain by 117.7% in the first quarter. Principal Financial Group Inc. now owns 904,184 shares of the financial services provider's stock worth $77,796,000 after acquiring an additional 488,816 shares in the last quarter. Finally, Adelante Capital Management LLC increased its holdings in shares of Iron Mountain by 1,403.5% during the fourth quarter. Adelante Capital Management LLC now owns 445,897 shares of the financial services provider's stock valued at $46,868,000 after acquiring an additional 416,239 shares in the last quarter. Hedge funds and other institutional investors own 80.13% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Barclays upped their price target on shares of Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Wall Street Zen raised Iron Mountain from a "sell" rating to a "hold" rating in a report on Friday, April 18th. Finally, Truist Financial initiated coverage on Iron Mountain in a report on Tuesday, April 8th. They issued a "buy" rating and a $95.00 price objective on the stock. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Iron Mountain currently has a consensus rating of "Buy" and an average price target of $121.71.

Iron Mountain Trading Down 3.4%

Shares of NYSE IRM traded down $3.28 during trading on Friday, reaching $94.08. 1,500,940 shares of the company traded hands, compared to its average volume of 968,117. The firm's fifty day simple moving average is $99.98 and its 200 day simple moving average is $95.32. The stock has a market cap of $27.76 billion, a P/E ratio of 229.46 and a beta of 1.07. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.01. Iron Mountain had a negative return on equity of 201.62% and a net margin of 1.97%. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same quarter in the previous year, the business earned $1.10 EPS. Iron Mountain's revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, research analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Insider Activity at Iron Mountain

In related news, Director Walter C. Rakowich sold 900 shares of Iron Mountain stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total value of $89,973.00. Following the sale, the director directly owned 36,515 shares in the company, valued at approximately $3,650,404.55. The trade was a 2.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $100.36, for a total value of $6,937,385.00. The disclosure for this sale can be found here. Insiders have sold 170,882 shares of company stock worth $17,007,738 in the last quarter. Company insiders own 1.90% of the company's stock.

Iron Mountain Profile

Iron Mountain Incorporated NYSE: IRM is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers' work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.