BROOKFIELD Corp ON Raises Stake in Iron Mountain Incorporated $IRM

Key Points

• BROOKFIELD Corp ON increased its stake in Iron Mountain Incorporated by 26.1% in the first quarter, owning 14,022 shares valued at $1.206 million.
• Iron Mountain announced a quarterly dividend of $0.785 per share, with a yield of 3.2%, to be paid on October 3rd.
• The company's recent earnings report revealed an EPS of $1.24, exceeding analysts' expectations, and an 11.6% year-over-year revenue increase.

BROOKFIELD Corp ON boosted its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 26.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,022 shares of the financial services provider's stock after buying an additional 2,898 shares during the quarter. BROOKFIELD Corp ON's holdings in Iron Mountain were worth $1,206,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of IRM. Nuveen LLC purchased a new stake in Iron Mountain in the first quarter worth approximately $192,231,000. Contour Asset Management LLC purchased a new stake in Iron Mountain in the first quarter worth approximately $122,801,000. Point72 Asset Management L.P. boosted its stake in Iron Mountain by 439.8% in the fourth quarter. Point72 Asset Management L.P. now owns 1,200,660 shares of the financial services provider's stock worth $126,201,000 after buying an additional 978,251 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Iron Mountain by 86.1% in the first quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider's stock worth $169,922,000 after buying an additional 913,715 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its stake in Iron Mountain by 39.0% in the fourth quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider's stock worth $267,922,000 after buying an additional 715,024 shares in the last quarter. Hedge funds and other institutional investors own 80.13% of the company's stock.

Iron Mountain Stock Up 1.5%

Shares of Iron Mountain stock opened at $98.92 on Friday. The company has a market cap of $29.21 billion, a PE ratio of 706.59 and a beta of 1.08. The business has a 50 day moving average of $95.02 and a 200 day moving average of $93.34. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $1.19 by $0.05. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.68 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The firm's revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.08 earnings per share. On average, research analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be issued a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio is currently 2,242.86%.

Analyst Ratings Changes

A number of research firms have recently weighed in on IRM. Barclays increased their price objective on Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research note on Wednesday, August 20th. JPMorgan Chase & Co. dropped their price objective on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. According to data from MarketBeat.com, Iron Mountain has a consensus rating of "Buy" and a consensus target price of $120.17.

Insiders Place Their Bets

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $89.56, for a total value of $6,190,835.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark Kidd sold 6,000 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total value of $546,300.00. Following the completion of the transaction, the executive vice president 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 position. The disclosure for this sale can be found here. Insiders have sold 236,709 shares of company stock worth $22,555,809 in the last ninety days. Insiders own 1.90% of the company's stock.

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.

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