Aberdeen Group plc Increases Stock Position in Iron Mountain Incorporated $IRM

Key Points

• Aberdeen Group plc has increased its stake in Iron Mountain, raising its position by 10.0% to own 339,663 shares valued at approximately $34.8 million.
• Iron Mountain's stock is currently down 2.8%, with a market cap of $30.12 billion and a 52-week price range from $72.33 to $130.24.
• The company recently declared a quarterly dividend of $0.785 per share, reflecting an annualized yield of 3.1% amidst a high dividend payout ratio of 2,242.86%.

Aberdeen Group plc lifted its position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 10.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 339,663 shares of the financial services provider's stock after buying an additional 31,017 shares during the period. Aberdeen Group plc owned approximately 0.12% of Iron Mountain worth $34,839,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in IRM. Vanguard Group Inc. raised its holdings in Iron Mountain by 0.5% in the first quarter. Vanguard Group Inc. now owns 46,825,734 shares of the financial services provider's stock valued at $4,028,886,000 after buying an additional 220,564 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Iron Mountain by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,256,417 shares of the financial services provider's stock valued at $366,210,000 after acquiring an additional 37,154 shares during the period. Invesco Ltd. lifted its holdings in shares of Iron Mountain by 14.7% during the 1st quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider's stock valued at $245,124,000 after acquiring an additional 366,134 shares in the last quarter. Nuveen LLC purchased a new stake in Iron Mountain during the 1st quarter worth $192,231,000. Finally, JPMorgan Chase & Co. increased its holdings in Iron Mountain by 17.8% in the 1st quarter. JPMorgan Chase & Co. now owns 2,061,560 shares of the financial services provider's stock valued at $177,377,000 after purchasing an additional 311,494 shares in the last quarter. Hedge funds and other institutional investors own 80.13% of the company's stock.

Iron Mountain Stock Down 2.8%

Shares of IRM opened at $101.98 on Monday. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24. The firm has a market cap of $30.12 billion, a price-to-earnings ratio of 728.48 and a beta of 1.06. The business's 50 day moving average is $96.49 and its two-hundred day moving average is $95.51.

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

Iron Mountain Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Monday, September 15th were given a dividend of $0.785 per share. This represents a $3.14 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, September 15th. Iron Mountain's dividend payout ratio is currently 2,242.86%.

Wall Street Analyst Weigh In

A number of brokerages have commented on IRM. Weiss Ratings restated a "hold (c)" rating on shares of Iron Mountain in a research note on Wednesday, October 8th. Jefferies Financial Group began coverage on Iron Mountain in a research report on Monday, September 22nd. They set a "buy" rating and a $120.00 price target on the stock. Barclays increased their price objective on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research report on Wednesday, August 20th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $116.83.

Insider Buying and Selling

In related news, CEO William L. Meaney sold 69,125 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $94.55, for a total transaction of $6,535,768.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Kidd sold 6,000 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total transaction of $546,300.00. Following the completion of the transaction, the executive vice president directly owned 79,081 shares in the company, valued at $7,200,325.05. This represents a 7.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 213,375 shares of company stock worth $20,347,156 over the last ninety days. 1.90% of the stock is owned by insiders.

About Iron Mountain

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.

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