Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has made a new investment in Iron Mountain, acquiring 23,263 shares valued at approximately $2 million in the first quarter.
• Various institutional investors increased their stakes, with significant purchases from Cynosure Group LLC and National Bank of Canada FI, reflecting strong institutional support for the stock.
• Iron Mountain recently announced a quarterly dividend of $0.785 per share, which translates to an annualized yield of 3.4% for shareholders.

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 23,263 shares of the financial services provider's stock, valued at approximately $2,002,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Iron Mountain by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 46,825,734 shares of the financial services provider's stock valued at $4,028,886,000 after purchasing an additional 220,564 shares during the last quarter. Northern Trust Corp raised its stake in Iron Mountain by 56.1% in the 4th quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider's stock valued at $454,756,000 after purchasing an additional 1,554,746 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Iron Mountain by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,219,263 shares of the financial services provider's stock valued at $443,476,000 after purchasing an additional 15,097 shares during the last quarter. Nuveen Asset Management LLC raised its stake in Iron Mountain by 39.0% in the 4th quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider's stock valued at $267,922,000 after purchasing an additional 715,024 shares during the last quarter. Finally, Centersquare Investment Management LLC increased its stake in shares of Iron Mountain by 17.7% during the 1st quarter. Centersquare Investment Management LLC now owns 2,008,437 shares of the financial services provider's stock valued at $172,806,000 after acquiring an additional 302,185 shares during the last quarter. Institutional investors and hedge funds own 80.13% of the company's stock.

Analysts Set New Price Targets

IRM has been the subject of a number of research analyst reports. Barclays upped their price objective on shares of Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. JPMorgan Chase & Co. dropped their price objective on shares of 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 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. According to data from MarketBeat.com, Iron Mountain presently has an average rating of "Buy" and an average target price of $120.00.

Insider Transactions at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $94.55, for a total value of $6,535,768.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Greg W. Mcintosh sold 17,334 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $100.00, for a total value of $1,733,400.00. Following the completion of the transaction, the executive vice president owned 35,446 shares of the company's stock, valued at approximately $3,544,600. This represents a 32.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 240,007 shares of company stock worth $23,543,507 over the last 90 days. Company insiders own 1.90% of the company's stock.

Iron Mountain Stock Performance

Shares of NYSE:IRM traded up $0.07 during trading on Friday, reaching $91.47. 1,159,811 shares of the stock were exchanged, compared to its average volume of 1,454,023. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24. The firm has a market cap of $27.02 billion, a price-to-earnings ratio of 653.40 and a beta of 1.07. The firm's 50-day moving average price is $98.61 and its 200 day moving average price is $94.19.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, topping 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 in the previous year, the business earned $1.08 EPS. The company's revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities research analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be issued a dividend of $0.785 per share. 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 payout ratio is presently 2,242.86%.

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.