Cookson Peirce & Co. Inc. Sells 451,633 Shares of Iron Mountain Incorporated $IRM

Key Points

• Cookson Peirce & Co. Inc. significantly reduced its holdings in Iron Mountain Incorporated by 99.4%, selling 451,633 shares and leaving them with only 2,919 shares valued at $251,000.
• Despite the recent sell-off, 80.13% of Iron Mountain's stock is owned by institutional investors, indicating robust interest from other financial entities.
• Iron Mountain announced a quarterly dividend of $0.785, yielding 3.4%, with a payout ratio of 2,242.86%, reflecting its commitment to return capital to shareholders.

Cookson Peirce & Co. Inc. cut its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 99.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,919 shares of the financial services provider's stock after selling 451,633 shares during the period. Cookson Peirce & Co. Inc.'s holdings in Iron Mountain were worth $251,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of IRM. Cranbrook Wealth Management LLC bought a new position in shares of Iron Mountain in the 1st quarter worth approximately $26,000. Financial Network Wealth Advisors LLC purchased a new stake in Iron Mountain in the first quarter worth $26,000. Golden State Wealth Management LLC bought a new position in Iron Mountain in the first quarter worth $30,000. Ramirez Asset Management Inc. purchased a new position in Iron Mountain during the first quarter valued at $34,000. Finally, Wayfinding Financial LLC purchased a new position in Iron Mountain during the first quarter valued at $37,000. 80.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Insider Activity at Iron Mountain

In related news, EVP Mark Kidd sold 6,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total value of $612,120.00. Following the sale, the executive vice president owned 91,081 shares in the company, valued at approximately $9,292,083.62. This trade represents a 6.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Walter C. Rakowich sold 900 shares of Iron Mountain 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 sale, the director directly owned 36,515 shares of the company's stock, valued at approximately $3,650,404.55. This trade represents a 2.41% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 240,007 shares of company stock worth $23,543,507. 1.90% of the stock is owned by insiders.

Iron Mountain Price Performance

NYSE IRM traded down $0.4320 during mid-day trading on Wednesday, reaching $91.1280. The stock had a trading volume of 594,556 shares, compared to its average volume of 1,829,196. The stock has a market cap of $26.91 billion, a PE ratio of 651.13 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 company has a fifty day moving average price of $98.21 and a 200 day moving average price of $94.04.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 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 analyst estimates of $1.68 billion. During the same quarter last year, the company earned $1.08 EPS. The company's quarterly revenue was up 11.6% compared to the same quarter last year. As a group, equities research analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The business also recently declared 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. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is presently 2,242.86%.

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.