Aigen Investment Management LP Acquires New Position in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Aigen Investment Management LP acquired 23,104 shares of Iron Mountain Incorporated, valued at approximately $1,988,000, during the first quarter of 2023.
• Iron Mountain reported earnings of $1.24 per share for the quarter, beating estimates, with revenue up 11.6% year-over-year, totaling $1.68 billion.
• The company announced a quarterly dividend of $0.785, with an annualized yield of 3.5%, and a dividend payout ratio of 2,242.86%.

Aigen Investment Management LP purchased a new stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 23,104 shares of the financial services provider's stock, valued at approximately $1,988,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Cranbrook Wealth Management LLC purchased a new stake in Iron Mountain during the first quarter valued at approximately $26,000. Golden State Wealth Management LLC purchased a new stake in shares of Iron Mountain in the 1st quarter worth $30,000. Ramirez Asset Management Inc. bought a new position in Iron Mountain in the 1st quarter worth $34,000. Wayfinding Financial LLC purchased a new position in Iron Mountain during the first quarter valued at $37,000. Finally, Franchise Capital Ltd purchased a new stake in Iron Mountain in the first quarter worth about $39,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Insider Activity

In other Iron Mountain 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 value 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 trade represents a 32.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Walter C. Rakowich sold 900 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total value of $89,973.00. Following the transaction, the director owned 36,515 shares of the company's stock, valued at $3,650,404.55. This trade represents a 2.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold 240,007 shares of company stock valued at $23,543,507 over the last ninety days. 1.90% of the stock is owned by corporate insiders.

Iron Mountain Price Performance

Shares of Iron Mountain stock traded down $2.25 during trading on Thursday, reaching $91.72. 863,979 shares of the stock traded hands, compared to its average volume of 1,846,901. The business has a fifty day simple moving average of $99.02 and a two-hundred day simple moving average of $94.36. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24. The company has a market capitalization of $27.09 billion, a price-to-earnings ratio of 654.44 and a beta of 1.07.

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 for the quarter, beating analysts' consensus estimates of $1.19 by $0.05. The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. Iron Mountain's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the firm posted $1.08 earnings per share. On average, research analysts predict that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be paid a dividend of $0.785 per share. This represents a $3.14 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Monday, September 15th. Iron Mountain's payout ratio is presently 2,242.86%.

Analyst Ratings Changes

A number of research analysts recently issued reports on IRM shares. JPMorgan Chase & Co. cut their price objective on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Wall Street Zen upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. Finally, Barclays upped their target price on shares of Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, May 27th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $120.00.

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.