Adelante Capital Management LLC Sells 55,551 Shares of Iron Mountain Incorporated $IRM

Key Points

• Adelante Capital Management LLC decreased its holdings in Iron Mountain by 12.5%, selling 55,551 shares and holding a total of 390,346 shares now valued at approximately $33,585,000.
• Several hedge funds adjusted their positions in Iron Mountain, with EP Wealth Advisors LLC increasing its holdings by 26.2% and acquiring additional shares during the fourth quarter.
• Iron Mountain's recent earnings report showed an 11.6% revenue increase year-over-year, with earnings per share (EPS) of $1.24, surpassing expectations, alongside a declared quarterly dividend of $0.785.

Adelante Capital Management LLC lowered its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 12.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 390,346 shares of the financial services provider's stock after selling 55,551 shares during the period. Iron Mountain comprises 2.4% of Adelante Capital Management LLC's holdings, making the stock its 15th biggest holding. Adelante Capital Management LLC owned about 0.13% of Iron Mountain worth $33,585,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. UniSuper Management Pty Ltd increased its holdings in shares of Iron Mountain by 3.7% in the first quarter. UniSuper Management Pty Ltd now owns 113,493 shares of the financial services provider's stock valued at $9,765,000 after buying an additional 4,028 shares in the last quarter. Nissay Asset Management Corp Japan ADV grew its holdings in shares of Iron Mountain by 1.6% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 78,949 shares of the financial services provider's stock worth $6,793,000 after acquiring an additional 1,241 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Iron Mountain by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,904 shares of the financial services provider's stock worth $2,573,000 after purchasing an additional 1,286 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of Iron Mountain by 7.9% during the first quarter. Alliancebernstein L.P. now owns 599,714 shares of the financial services provider's stock valued at $51,599,000 after purchasing an additional 43,882 shares during the last quarter. Finally, Atalanta Sosnoff Capital LLC lifted its holdings in shares of Iron Mountain by 15.1% during the first quarter. Atalanta Sosnoff Capital LLC now owns 5,741 shares of the financial services provider's stock valued at $494,000 after purchasing an additional 751 shares during the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Greg W. Mcintosh sold 17,334 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $100.00, for a total transaction of $1,733,400.00. Following the completion of the sale, the executive vice president owned 35,446 shares of the company's stock, valued at $3,544,600. This represents a 32.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 236,709 shares of company stock worth $22,555,809 in the last ninety days. Insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on IRM shares. Barclays lifted their price target on Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 20th. JPMorgan Chase & Co. dropped 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 research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $120.17.

Iron Mountain Stock Up 0.9%

Shares of Iron Mountain stock traded up $0.90 on Wednesday, hitting $97.57. 1,868,464 shares of the company traded hands, compared to its average volume of 1,222,024. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24. The company has a market cap of $28.82 billion, a PE ratio of 52.83 and a beta of 1.08. The company has a 50-day moving average price of $95.11 and a 200 day moving average price of $93.26.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (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 business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the company earned $1.08 earnings per share. Iron Mountain's quarterly revenue was up 11.6% compared to the same quarter last year. Equities research analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be issued a $0.785 dividend. The ex-dividend date is Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a yield of 3.2%. Iron Mountain's dividend payout ratio is currently 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.