American Assets Investment Management LLC Purchases New Shares in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• American Assets Investment Management LLC acquired a new stake in Iron Mountain, purchasing 57,193 shares worth approximately $4.9 million in the first quarter.
• Insider sales have been notable, with CEO William L. Meaney selling 69,125 shares valued at around $6.9 million, and insiders collectively selling 170,882 shares over the last quarter.
• Wall Street analysts have a consensus rating of "Buy" for Iron Mountain, with a consensus price target of $122.00, indicating positive market sentiment.

American Assets Investment Management LLC purchased a new stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund purchased 57,193 shares of the financial services provider's stock, valued at approximately $4,921,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. New Age Alpha Advisors LLC increased its holdings in Iron Mountain by 73.2% in the 1st quarter. New Age Alpha Advisors LLC now owns 96,521 shares of the financial services provider's stock valued at $8,305,000 after acquiring an additional 40,793 shares during the last quarter. Strategic Investment Solutions Inc. IL increased its holdings in shares of Iron Mountain by 1,281.5% in the 1st quarter. Strategic Investment Solutions Inc. IL now owns 2,763 shares of the financial services provider's stock worth $238,000 after buying an additional 2,563 shares during the last quarter. Raiffeisen Bank International AG increased its holdings in shares of Iron Mountain by 28.9% in the 1st quarter. Raiffeisen Bank International AG now owns 49,170 shares of the financial services provider's stock worth $4,184,000 after buying an additional 11,027 shares during the last quarter. Banco Santander S.A. bought a new stake in shares of Iron Mountain in the 1st quarter worth about $6,626,000. Finally, OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of Iron Mountain by 4.9% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 81,621 shares of the financial services provider's stock worth $7,023,000 after buying an additional 3,790 shares during the last quarter. 80.13% of the stock is currently owned by institutional investors.

Iron Mountain Price Performance

IRM stock traded up $1.87 during midday trading on Thursday, hitting $91.91. 3,068,563 shares of the stock traded hands, compared to its average volume of 1,272,734. The firm has a market cap of $27.12 billion, a P/E ratio of 656.58 and a beta of 1.07. The stock's fifty day simple moving average is $99.66 and its 200-day simple moving average is $94.90. 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 quarterly earnings data 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. The business had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.68 billion. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The company's revenue 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 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 given a dividend of $0.785 per share. This represents a $3.14 annualized dividend and a yield of 3.4%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is presently 2,242.86%.

Insider Activity

In related news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $94.55, for a total transaction of $6,535,768.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total transaction of $612,120.00. Following the completion of the transaction, the executive vice president owned 91,081 shares of the company's stock, valued at $9,292,083.62. This trade represents a 6.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 240,007 shares of company stock valued at $23,543,507 in the last ninety days. 1.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on IRM. Barclays boosted 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. JPMorgan Chase & Co. dropped their price target on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a research note on Thursday. Finally, Wall Street Zen raised shares of Iron Mountain from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Iron Mountain presently has a consensus rating of "Buy" and an average target price of $120.00.

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.