Advisors Asset Management Inc. Sells 3,442 Shares of Iron Mountain Incorporated $IRM

Key Points

• Advisors Asset Management Inc. reduced its stake in Iron Mountain by 5.2%, selling 3,442 shares to own 62,318 shares valued at approximately $5.36 million.
• Analysts have given Iron Mountain an average rating of "Buy" with a price target of $120.17, despite JPMorgan lowering its target from $112 to $100.
• The company declared a quarterly dividend of $0.785 per share, yielding 3.4%, with the ex-dividend date on September 15th.

Advisors Asset Management Inc. trimmed its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 5.2% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 62,318 shares of the financial services provider's stock after selling 3,442 shares during the period. Advisors Asset Management Inc.'s holdings in Iron Mountain were worth $5,362,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Whittier Trust Co. raised its holdings in Iron Mountain by 3.4% during the first quarter. Whittier Trust Co. now owns 3,265 shares of the financial services provider's stock worth $281,000 after purchasing an additional 108 shares in the last quarter. Stratos Wealth Partners LTD. raised its holdings in Iron Mountain by 3.7% during the first quarter. Stratos Wealth Partners LTD. now owns 3,312 shares of the financial services provider's stock worth $285,000 after purchasing an additional 118 shares in the last quarter. Diversify Advisory Services LLC raised its holdings in Iron Mountain by 1.9% during the first quarter. Diversify Advisory Services LLC now owns 6,480 shares of the financial services provider's stock worth $572,000 after purchasing an additional 123 shares in the last quarter. NorthRock Partners LLC raised its holdings in Iron Mountain by 2.6% during the first quarter. NorthRock Partners LLC now owns 5,075 shares of the financial services provider's stock worth $440,000 after purchasing an additional 131 shares in the last quarter. Finally, Financial Management Professionals Inc. raised its holdings in Iron Mountain by 2.6% during the first quarter. Financial Management Professionals Inc. now owns 5,574 shares of the financial services provider's stock worth $480,000 after purchasing an additional 140 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Iron Mountain

In related news, EVP Greg W. Mcintosh sold 17,334 shares of the firm's stock in a transaction that occurred on 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 transaction, the executive vice president owned 35,446 shares of the company's stock, valued at approximately $3,544,600. This trade represents a 32.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The stock was 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. Insiders sold 236,709 shares of company stock valued at $22,555,809 over the last 90 days. Company insiders own 1.90% of the company's stock.

Iron Mountain Trading Up 0.2%

NYSE:IRM traded up $0.14 during trading hours on Monday, hitting $92.32. 1,572,599 shares of the stock traded hands, compared to its average volume of 1,790,235. The firm has a 50 day moving average price of $95.38 and a 200 day moving average price of $93.23. Iron Mountain Incorporated has a fifty-two week low of $72.33 and a fifty-two week high of $130.24. The firm has a market cap of $27.27 billion, a price-to-earnings ratio of 659.49 and a beta of 1.08.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the business earned $1.08 EPS. The company's revenue was up 11.6% on a year-over-year basis. Research analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be paid 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 3.4%. Iron Mountain's payout ratio is 2,242.86%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on IRM. JPMorgan Chase & Co. reduced their target price on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Barclays boosted their target price on Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $120.17.

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.