Candriam S.C.A. Reduces Position in Iron Mountain Incorporated $IRM

Key Points

• Candriam S.C.A. reduced its holdings in Iron Mountain Incorporated (IRM) by 9.2% during the first quarter, now owning 70,017 shares valued at approximately $6,024,000.
• Insider activity revealed significant sales, with EVP Greg W. Mcintosh selling 17,334 shares and CEO William L. Meaney selling 69,125 shares, indicating potential concerns about the company's stock performance.
• Iron Mountain recently announced a quarterly dividend of $0.785 per share, representing an annual yield of 3.5%, with a high dividend payout ratio of 2,242.86%.

Candriam S.C.A. cut its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 9.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 70,017 shares of the financial services provider's stock after selling 7,080 shares during the quarter. Candriam S.C.A.'s holdings in Iron Mountain were worth $6,024,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Nuveen LLC bought a new stake in shares of Iron Mountain during the first quarter valued at about $192,231,000. Northern Trust Corp increased its position in shares of Iron Mountain by 56.1% during the fourth quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider's stock valued at $454,756,000 after buying an additional 1,554,746 shares during the period. Point72 Asset Management L.P. increased its position in shares of Iron Mountain by 439.8% during the fourth quarter. Point72 Asset Management L.P. now owns 1,200,660 shares of the financial services provider's stock valued at $126,201,000 after buying an additional 978,251 shares during the period. Nuveen Asset Management LLC increased its position in shares of Iron Mountain by 39.0% during the fourth quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider's stock valued at $267,922,000 after buying an additional 715,024 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Iron Mountain by 117.7% during the first quarter. Principal Financial Group Inc. now owns 904,184 shares of the financial services provider's stock valued at $77,796,000 after buying an additional 488,816 shares during the period. 80.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Iron Mountain

In other Iron Mountain news, EVP Greg W. Mcintosh sold 17,334 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $100.00, for a total transaction of $1,733,400.00. Following the transaction, the executive vice president directly owned 35,446 shares in the company, valued at $3,544,600. This trade represents a 32.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $6,827,476.25. The disclosure for this sale can be found here. Insiders have sold 231,609 shares of company stock valued at $22,736,123 over the last ninety days. Insiders own 1.90% of the company's stock.

Iron Mountain Trading Down 0.9%

IRM stock opened at $90.5140 on Friday. The company's 50 day moving average is $97.78 and its 200 day moving average is $93.95. The stock has a market cap of $26.73 billion, a price-to-earnings ratio of 646.57 and a beta of 1.07. 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 for the quarter, topping the consensus estimate 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 company had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the prior year, the business earned $1.08 earnings per share. Iron Mountain's revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be given a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is presently 2,242.86%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Barclays upped their price target on Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research report on Wednesday. JPMorgan Chase & Co. decreased their price target on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. Based on data from MarketBeat, Iron Mountain currently has a consensus rating of "Buy" and an average price target of $120.17.

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.

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