Commonwealth Equity Services LLC Lowers Stock Holdings in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Commonwealth Equity Services LLC reduced its holdings in Iron Mountain by 7.0%, now owning 209,352 shares valued at approximately $18 million.
• Insider transactions included CEO William L. Meaney selling 69,125 shares for over $6.5 million, alongside other notable insider sales totaling over $23 million in recent months.
• Iron Mountain announced a quarterly dividend of $0.785 per share, with a high annualized yield of 3.4%, despite having an unusually high dividend payout ratio of 2,242.86%.

Commonwealth Equity Services LLC lowered its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 7.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 209,352 shares of the financial services provider's stock after selling 15,711 shares during the period. Commonwealth Equity Services LLC owned 0.07% of Iron Mountain worth $18,013,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IRM. Raiffeisen Bank International AG grew its stake in shares of Iron Mountain by 28.9% in the first quarter. Raiffeisen Bank International AG now owns 49,170 shares of the financial services provider's stock worth $4,184,000 after acquiring an additional 11,027 shares during the last quarter. Banco Santander S.A. purchased a new stake in Iron Mountain during the 1st quarter valued at about $6,626,000. OVERSEA CHINESE BANKING Corp Ltd increased its stake in Iron Mountain by 4.9% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 81,621 shares of the financial services provider's stock valued at $7,023,000 after purchasing an additional 3,790 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Iron Mountain by 2.2% in the first quarter. PNC Financial Services Group Inc. now owns 58,449 shares of the financial services provider's stock worth $5,029,000 after buying an additional 1,255 shares during the last quarter. Finally, Jefferies Financial Group Inc. bought a new position in shares of Iron Mountain in the first quarter worth approximately $926,000. Institutional investors own 80.13% of the company's stock.

Insider Buying and Selling at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $94.55, for a total transaction of $6,535,768.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Walter C. Rakowich sold 900 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total transaction of $89,973.00. Following the completion of the transaction, the director owned 36,515 shares of the company's stock, valued at approximately $3,650,404.55. The trade was a 2.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 240,007 shares of company stock valued at $23,543,507 in the last ninety days. Corporate insiders own 1.90% of the company's stock.

Iron Mountain Price Performance

NYSE IRM opened at $91.91 on Friday. The stock has a market capitalization of $27.12 billion, a price-to-earnings ratio of 656.58 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. The business's fifty day moving average price is $99.66 and its 200-day moving average price is $94.90.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its 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. The company had revenue of $1.68 billion for 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%. Iron Mountain's revenue 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. Equities research analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders 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 yield of 3.4%. The ex-dividend date of this dividend is Monday, September 15th. Iron Mountain's dividend payout ratio is currently 2,242.86%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced their price target on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday. Barclays lifted their target price on Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, May 27th. Finally, Wall Street Zen raised Iron Mountain from a "sell" rating to a "hold" rating in a report on Friday, April 18th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Iron Mountain presently has an average rating of "Buy" and an average price target of $120.00.

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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