Adage Capital Partners GP L.L.C. Acquires 203,900 Shares of Iron Mountain Incorporated $IRM

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Iron Mountain Incorporated by 178.6%, owning 318,052 shares worth approximately $27.37 million after acquiring 203,900 additional shares.
• Iron Mountain's CEO, William L. Meaney, sold 69,125 shares for about $6.54 million on August 1, while other executives also reduced their stakes recently.
• The company announced a quarterly dividend of $0.785, representing a dividend yield of 3.4%, to be paid on October 3, 2023.

Adage Capital Partners GP L.L.C. lifted its position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 178.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 318,052 shares of the financial services provider's stock after purchasing an additional 203,900 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.11% of Iron Mountain worth $27,365,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Cranbrook Wealth Management LLC purchased a new position in shares of Iron Mountain during the 1st quarter valued at approximately $26,000. Financial Network Wealth Advisors LLC acquired a new position in shares of Iron Mountain in the first quarter worth about $26,000. Golden State Wealth Management LLC acquired a new position in shares of Iron Mountain in the first quarter worth about $30,000. Ramirez Asset Management Inc. acquired a new position in shares of Iron Mountain in the first quarter worth about $34,000. Finally, Wayfinding Financial LLC acquired a new position in shares of Iron Mountain in the first quarter worth about $37,000. 80.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Barclays boosted their price target on Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 20th. JPMorgan Chase & Co. decreased their price objective on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $120.17.

Insider Activity at Iron Mountain

In other news, EVP Greg W. Mcintosh sold 17,334 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $100.00, for a total transaction of $1,733,400.00. Following the completion of the transaction, the executive vice president owned 35,446 shares in the company, valued at approximately $3,544,600. This trade represents a 32.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William L. Meaney sold 69,125 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $89.56, for a total transaction of $6,190,835.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 236,709 shares of company stock worth $22,555,809. 1.90% of the stock is currently owned by corporate insiders.

Iron Mountain Price Performance

IRM traded up $0.14 during midday trading on Monday, reaching $92.32. 1,572,599 shares of the company's stock were exchanged, compared to its average volume of 1,790,235. The business's 50-day moving average price is $95.38 and its 200 day moving average price is $93.23. The stock has a market capitalization of $27.27 billion, a PE ratio of 659.49 and a beta of 1.08. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the firm earned $1.08 earnings per share. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be given a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio is currently 2,242.86%.

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.