Baird Financial Group Inc. Sells 3,196 Shares of Iron Mountain Incorporated $IRM

Key Points

• Baird Financial Group Inc. reduced its holdings in Iron Mountain Inc. by 4.9%, ending the quarter with 62,310 shares worth approximately $5.36 million.
• Insiders at Iron Mountain have sold a total of 167,584 shares valued at over $16.36 million within the last 90 days, indicating significant insider activity.
• Iron Mountain recently declared a quarterly dividend of $0.785 per share, which will be paid on October 3rd, with a dividend yield of 3.4%.

Baird Financial Group Inc. lessened its position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 4.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,310 shares of the financial services provider's stock after selling 3,196 shares during the quarter. Baird Financial Group Inc.'s holdings in Iron Mountain were worth $5,361,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the company. Whittier Trust Co. increased its holdings in Iron Mountain by 3.4% in the first quarter. Whittier Trust Co. now owns 3,265 shares of the financial services provider's stock valued at $281,000 after purchasing an additional 108 shares during the period. Stratos Wealth Partners LTD. increased its stake in shares of Iron Mountain by 3.7% in the first quarter. Stratos Wealth Partners LTD. now owns 3,312 shares of the financial services provider's stock valued at $285,000 after buying an additional 118 shares during the period. Diversify Advisory Services LLC raised its position in shares of Iron Mountain by 1.9% during the first quarter. Diversify Advisory Services LLC now owns 6,480 shares of the financial services provider's stock worth $572,000 after acquiring an additional 123 shares during the last quarter. NorthRock Partners LLC lifted its stake in shares of Iron Mountain by 2.6% in the first quarter. NorthRock Partners LLC now owns 5,075 shares of the financial services provider's stock worth $440,000 after acquiring an additional 131 shares during the period. Finally, Financial Management Professionals Inc. boosted its holdings in Iron Mountain by 2.6% in the first quarter. Financial Management Professionals Inc. now owns 5,574 shares of the financial services provider's stock valued at $480,000 after acquiring an additional 140 shares during the last quarter. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

IRM has been the topic of a number of recent analyst reports. Barclays boosted 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, August 20th. JPMorgan Chase & Co. dropped their target price on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. One 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 company presently has an average rating of "Buy" and a consensus target price of $120.17.

Insider Activity

In other Iron Mountain news, EVP Mark Kidd sold 6,000 shares of the firm's 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 transaction, the executive vice president directly owned 79,081 shares of the company's stock, valued at approximately $7,200,325.05. This trade represents a 7.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $100.36, for a total transaction of $6,937,385.00. The disclosure for this sale can be found here. Insiders have sold 236,709 shares of company stock valued at $22,555,809 in the last quarter. Insiders own 1.90% of the company's stock.

Iron Mountain Stock Performance

Shares of IRM stock traded up $0.14 on Monday, hitting $92.32. 1,572,599 shares of the company's stock traded hands, compared to its average volume of 1,790,235. Iron Mountain Incorporated has a one year low of $72.33 and a one year high of $130.24. The company's fifty day simple moving average is $95.38 and its 200 day simple moving average is $93.23. The stock has a market capitalization of $27.27 billion, a price-to-earnings ratio of 659.49 and a beta of 1.08.

Iron Mountain (NYSE:IRM - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 quarter in the previous year, the company earned $1.08 earnings per share. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share 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. 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 of this dividend is Monday, September 15th. Iron Mountain's dividend payout ratio is 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.