Iron Mountain Incorporated $IRM Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its stake in Iron Mountain Incorporated by 3.7%, selling 2,831 shares, and now holds a total of 73,436 shares valued at approximately $6.3 million.
• Despite this sale, several institutional investors increased their positions in Iron Mountain, with notable purchases from AQR Capital Management and Mercer's Global Advisors, indicating continued interest in the stock.
• Iron Mountain's recent quarterly earnings beat expectations, while it also announced a quarterly dividend of $0.785, showcasing its commitment to returning value to shareholders despite a hefty payout ratio of 2,242.86%.

Corebridge Financial Inc. decreased its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 3.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 73,436 shares of the financial services provider's stock after selling 2,831 shares during the period. Corebridge Financial Inc.'s holdings in Iron Mountain were worth $6,318,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Iron Mountain by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 46,825,734 shares of the financial services provider's stock worth $4,028,886,000 after acquiring an additional 220,564 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Iron Mountain by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,256,417 shares of the financial services provider's stock valued at $366,210,000 after purchasing an additional 37,154 shares during the last quarter. Invesco Ltd. raised its holdings in Iron Mountain by 14.7% during the first quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider's stock worth $245,124,000 after purchasing an additional 366,134 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in 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 worth $267,922,000 after purchasing an additional 715,024 shares during the last quarter. Finally, Nuveen LLC acquired a new position in Iron Mountain during the first quarter worth $192,231,000. 80.13% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Iron Mountain

In other news, EVP Mark Kidd sold 6,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $102.02, for a total transaction of $612,120.00. Following the sale, the executive vice president directly owned 91,081 shares in the company, valued at approximately $9,292,083.62. This represents a 6.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Greg W. Mcintosh sold 17,334 shares of the 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 sale, the executive vice president owned 35,446 shares in the company, valued at $3,544,600. The trade was a 32.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 161,584 shares of company stock worth $15,818,674. 1.90% of the stock is currently owned by company insiders.

Iron Mountain Price Performance

IRM traded down $0.43 on Wednesday, reaching $89.03. The company's stock had a trading volume of 1,073,218 shares, compared to its average volume of 1,792,557. The stock has a market cap of $26.30 billion, a price-to-earnings ratio of 636.34 and a beta of 1.08. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24. The business's 50 day moving average is $96.05 and its 200 day moving average is $93.30.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly 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. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the business posted $1.08 earnings per share. Iron Mountain's revenue for the quarter was up 11.6% on a year-over-year basis. As a group, research analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Dividend Announcement

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 given a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio is presently 2,242.86%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on IRM shares. Barclays boosted their price target on Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a report on Wednesday, August 20th. JPMorgan Chase & Co. dropped their target price 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 issued a Buy rating to the company's stock. According to MarketBeat.com, Iron Mountain currently has a consensus rating of "Buy" and an average price target of $120.17.

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.