Aberdeen Group plc Lowers Stake in Iron Mountain Incorporated $IRM

Key Points

• Aberdeen Group plc sold 321,390 shares of Iron Mountain Incorporated, reducing its stake by 51%, and now owns approximately 308,646 shares valued at $26.4 million.
• Analysts have mixed views on Iron Mountain, with JPMorgan lowering its target price from $112 to $100 while Barclays raised it slightly from $121 to $122, maintaining an "overweight" rating.
• The company's latest earnings report showed a year-over-year revenue increase of 11.6%, with an EPS of $1.24 surpassing expectations, and they have declared a quarterly dividend of $0.785 per share yielding 3.4%.

Aberdeen Group plc reduced its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 51.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 308,646 shares of the financial services provider's stock after selling 321,390 shares during the period. Aberdeen Group plc owned about 0.10% of Iron Mountain worth $26,402,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Whittier Trust Co. raised its stake in Iron Mountain by 3.4% during the 1st quarter. Whittier Trust Co. now owns 3,265 shares of the financial services provider's stock worth $281,000 after acquiring an additional 108 shares during the period. DoubleLine ETF Adviser LP increased its stake in shares of Iron Mountain by 0.5% in the fourth quarter. DoubleLine ETF Adviser LP now owns 21,064 shares of the financial services provider's stock worth $2,214,000 after purchasing an additional 114 shares in the last quarter. Stratos Wealth Partners LTD. raised its position in shares of Iron Mountain by 3.7% during the 1st quarter. Stratos Wealth Partners LTD. now owns 3,312 shares of the financial services provider's stock valued at $285,000 after purchasing an additional 118 shares during the period. Diversify Advisory Services LLC lifted its stake in shares of Iron Mountain by 1.9% during the 1st quarter. Diversify Advisory Services LLC now owns 6,480 shares of the financial services provider's stock valued at $572,000 after buying an additional 123 shares in the last quarter. Finally, NorthRock Partners LLC boosted its holdings in Iron Mountain by 2.6% in the 1st quarter. NorthRock Partners LLC now owns 5,075 shares of the financial services provider's stock worth $440,000 after buying an additional 131 shares during the period. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on IRM. JPMorgan Chase & Co. lowered their price objective on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Barclays boosted their price target on Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $120.17.

Insider Buying and Selling

In other news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $94.55, for a total value of $6,535,768.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $102.02, for a total transaction of $612,120.00. Following the transaction, the executive vice president directly owned 91,081 shares of the company's stock, valued at approximately $9,292,083.62. This represents a 6.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 231,609 shares of company stock valued at $22,736,123 in the last three months. Corporate insiders own 1.90% of the company's stock.

Iron Mountain Stock Performance

Shares of NYSE:IRM traded up $3.3910 on Friday, reaching $93.9410. The company's stock had a trading volume of 800,379 shares, compared to its average volume of 1,820,975. The company has a 50-day simple moving average of $97.78 and a 200 day simple moving average of $93.95. The company has a market cap of $27.75 billion, a P/E ratio of 670.86 and a beta of 1.07. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, topping the consensus estimate of $1.19 by $0.05. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the business posted $1.08 earnings per share. The firm's revenue was up 11.6% on a year-over-year basis. On average, equities research analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be issued a dividend of $0.785 per share. This represents a $3.14 annualized dividend and a yield of 3.3%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio is presently 2,242.86%.

Iron Mountain Company 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.