American Century Companies Inc. Reduces Stock Position in Iron Mountain Incorporated $IRM

Key Points

• American Century Companies Inc. sold 146,279 shares of Iron Mountain, reducing its stake by 23.4%, now owning about 0.16% of the company valued at approximately $41.2 million.
• Wall Street analysts have mixed forecasts for Iron Mountain, with Barclays raising its price target to $122 while JPMorgan reduced its target to $100, resulting in an average target price of $120.17.
• Iron Mountain announced a quarterly dividend of $0.785 per share, which will be paid on October 3rd, representing an annualized yield of 3.4%.

American Century Companies Inc. decreased its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 23.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 479,116 shares of the financial services provider's stock after selling 146,279 shares during the period. American Century Companies Inc. owned about 0.16% of Iron Mountain worth $41,223,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cranbrook Wealth Management LLC bought a new position in Iron Mountain during the first quarter valued at approximately $26,000. Financial Network Wealth Advisors LLC purchased a new stake in Iron Mountain during the first quarter valued at $26,000. Golden State Wealth Management LLC purchased a new stake in Iron Mountain during the first quarter valued at $30,000. Ramirez Asset Management Inc. purchased a new stake in Iron Mountain during the first quarter valued at $34,000. Finally, Wayfinding Financial LLC purchased a new stake in Iron Mountain during the first quarter valued at $37,000. Institutional investors own 80.13% of the company's stock.

Insider Transactions at Iron Mountain

In other Iron Mountain news, EVP Mark Kidd sold 6,000 shares of the firm'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 completion of the transaction, the executive vice president owned 91,081 shares in the company, valued at $9,292,083.62. This trade represents a 6.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $98.77, for a total value of $6,827,476.25. The disclosure for this sale can be found here. Insiders sold a total of 231,609 shares of company stock valued at $22,736,123 in the last ninety days. Corporate insiders own 1.90% of the company's stock.

Wall Street Analysts Forecast Growth

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

Iron Mountain Stock Up 3.5%

IRM traded up $3.1970 during trading on Friday, hitting $93.7470. The company's stock had a trading volume of 1,166,349 shares, compared to its average volume of 1,513,392. The firm has a market cap of $27.69 billion, a PE ratio of 669.67 and a beta of 1.07. Iron Mountain Incorporated has a one year low of $72.33 and a one year high of $130.24. The business's 50 day simple moving average is $97.62 and its 200-day simple moving average is $93.83.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, beating the consensus estimate of $1.19 by $0.05. The firm 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% on a year-over-year basis. During the same period last year, the firm earned $1.08 EPS. Equities research analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Dividend Announcement

The company also recently disclosed 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 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) 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.