Algert Global LLC Acquires New Position in Iron Mountain Incorporated $IRM

Key Points

• Algert Global LLC has acquired 31,523 shares of Iron Mountain Incorporated (IRM), valued at approximately $2.71 million, in its recent investment activities.
• Insider selling activity has been notable, with executives Mark Kidd and Greg W. Mcintosh selling a combined total of around $2.35 million worth of the company's stock.
• Iron Mountain plans to pay a quarterly dividend of $0.785 per share, with an ex-dividend date of September 15th, representing an annualized dividend yield of 3.4%.

Algert Global LLC bought a new stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 31,523 shares of the financial services provider's stock, valued at approximately $2,712,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in IRM. XTX Topco Ltd bought a new stake in Iron Mountain in the fourth quarter valued at about $223,000. TD Waterhouse Canada Inc. increased its stake in Iron Mountain by 17.8% in the fourth quarter. TD Waterhouse Canada Inc. now owns 32,734 shares of the financial services provider's stock valued at $3,441,000 after acquiring an additional 4,956 shares during the period. Hsbc Holdings PLC increased its stake in Iron Mountain by 6.6% in the fourth quarter. Hsbc Holdings PLC now owns 743,548 shares of the financial services provider's stock valued at $78,000,000 after acquiring an additional 46,060 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Iron Mountain by 7.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 877,238 shares of the financial services provider's stock valued at $92,207,000 after acquiring an additional 57,104 shares during the period. Finally, MGO One Seven LLC increased its stake in Iron Mountain by 121.2% in the fourth quarter. MGO One Seven LLC now owns 24,530 shares of the financial services provider's stock valued at $2,578,000 after acquiring an additional 13,438 shares during the period. Institutional investors own 80.13% of the company's stock.

Insider Activity at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $98.77, for a total transaction of $6,827,476.25. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $102.02, for a total transaction of $612,120.00. Following the transaction, the executive vice president owned 91,081 shares in the company, valued at $9,292,083.62. The trade was a 6.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 231,609 shares of company stock valued at $22,736,123 over the last ninety days. Company insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on IRM. JPMorgan Chase & Co. lowered 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 note on Thursday, August 7th. Barclays upped their target price on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research note on Wednesday. One equities research 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, Iron Mountain presently has an average rating of "Buy" and an average target price of $120.17.

Iron Mountain Stock Performance

Iron Mountain stock traded up $3.1970 during trading hours on Friday, hitting $93.7470. 1,166,349 shares of the stock were exchanged, compared to its average volume of 1,513,392. The stock has a market capitalization of $27.69 billion, a P/E ratio of 669.67 and a beta of 1.07. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24. The business's 50-day moving average is $97.62 and its two-hundred day moving average is $93.83.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, topping 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 firm had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the prior year, the firm earned $1.08 earnings per share. The company's quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities analysts predict that Iron Mountain Incorporated will post 4.54 earnings per share 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. Stockholders of record on Monday, September 15th will be given a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio is presently 2,242.86%.

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.