Amundi Reduces Stock Position in Iron Mountain Incorporated $IRM

Key Points

• Amundi has reduced its holdings in Iron Mountain by 23.6%, now owning approximately 1.1 million shares valued at $91.41 million according to recent SEC filings.
• Despite the reduction in holdings by Amundi, several institutional investors increased their positions in Iron Mountain during the first quarter, showing continued interest in the company.
• Wall Street analysts maintain a "Buy" rating for Iron Mountain, with an average target price of $120.17, while recently declared a dividend of $0.785 per share reflects the company's ongoing financial commitment to shareholders.

Amundi reduced its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 23.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,099,934 shares of the financial services provider's stock after selling 338,867 shares during the quarter. Amundi owned about 0.37% of Iron Mountain worth $91,405,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Iron Mountain by 178.6% during the first quarter. Adage Capital Partners GP L.L.C. now owns 318,052 shares of the financial services provider's stock worth $27,365,000 after purchasing an additional 203,900 shares during the period. Federation des caisses Desjardins du Quebec lifted its holdings in shares of Iron Mountain by 22.8% during the first quarter. Federation des caisses Desjardins du Quebec now owns 42,272 shares of the financial services provider's stock worth $3,637,000 after purchasing an additional 7,862 shares during the period. Contour Asset Management LLC acquired a new stake in shares of Iron Mountain during the first quarter worth $122,801,000. Flputnam Investment Management Co. lifted its holdings in shares of Iron Mountain by 1.6% during the first quarter. Flputnam Investment Management Co. now owns 12,750 shares of the financial services provider's stock worth $1,097,000 after purchasing an additional 195 shares during the period. Finally, Royal Bank of Canada lifted its holdings in shares of Iron Mountain by 11.1% during the first quarter. Royal Bank of Canada now owns 497,929 shares of the financial services provider's stock worth $42,843,000 after purchasing an additional 49,912 shares during the period. 80.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on IRM. Barclays increased their price target on Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a report on Wednesday, August 20th. 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 report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $120.17.

Insider Transactions at Iron Mountain

In related news, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $100.36, for a total transaction of $6,937,385.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total value of $546,300.00. Following the sale, the executive vice president owned 79,081 shares of the company's stock, valued at approximately $7,200,325.05. This represents a 7.05% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 236,709 shares of company stock worth $22,555,809. Corporate insiders own 1.90% of the company's stock.

Iron Mountain Trading Up 0.2%

Shares of IRM stock traded up $0.14 during mid-day trading on Monday, reaching $92.32. The stock had a trading volume of 1,572,599 shares, compared to its average volume of 1,174,613. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24. The company has a market cap of $27.27 billion, a P/E ratio of 659.49 and a beta of 1.08. The business has a 50-day simple moving average of $95.18 and a 200 day simple moving average of $93.24.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its quarterly 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. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The business had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter last year, the business posted $1.08 earnings per share. The business's revenue for the quarter was up 11.6% on a year-over-year basis. Research analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be given a $0.785 dividend. The ex-dividend date is Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.4%. Iron Mountain's dividend payout ratio (DPR) is currently 2,242.86%.

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.