Credit Agricole S A Sells 28,301 Shares of Iron Mountain Incorporated $IRM

Key Points

• Credit Agricole S A has reduced its stake in Iron Mountain Incorporated by 12.4%, now holding 200,767 shares valued at approximately $17.3 million.
• Iron Mountain announced a quarterly dividend of $0.785 per share, resulting in a dividend yield of 3.4%, with a payout ratio of 2,242.86%.
• Following the company's recent quarterly earnings report, analysts have issued varied ratings, with a consensus rating of Buy and a price target of approximately $120.17.

Credit Agricole S A reduced its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 12.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 200,767 shares of the financial services provider's stock after selling 28,301 shares during the period. Credit Agricole S A owned 0.07% of Iron Mountain worth $17,274,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Whittier Trust Co. increased its holdings in shares of Iron Mountain by 3.4% in the first quarter. Whittier Trust Co. now owns 3,265 shares of the financial services provider's stock valued at $281,000 after purchasing an additional 108 shares during the last quarter. DoubleLine ETF Adviser LP grew its stake in shares of Iron Mountain by 0.5% in the fourth quarter. DoubleLine ETF Adviser LP now owns 21,064 shares of the financial services provider's stock valued at $2,214,000 after acquiring an additional 114 shares in the last quarter. Stratos Wealth Partners LTD. grew its stake in shares of Iron Mountain by 3.7% in the first quarter. Stratos Wealth Partners LTD. now owns 3,312 shares of the financial services provider's stock valued at $285,000 after acquiring an additional 118 shares in the last quarter. Diversify Advisory Services LLC grew its stake in shares of Iron Mountain by 1.9% in the first quarter. Diversify Advisory Services LLC now owns 6,480 shares of the financial services provider's stock valued at $572,000 after acquiring an additional 123 shares in the last quarter. Finally, NorthRock Partners LLC grew its stake in shares of Iron Mountain by 2.6% in the first quarter. NorthRock Partners LLC now owns 5,075 shares of the financial services provider's stock valued at $440,000 after acquiring an additional 131 shares in the last quarter. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

IRM has been the topic of several research reports. Barclays upped their price target on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research note on Wednesday. JPMorgan Chase & Co. decreased their price target on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $120.17.

Iron Mountain Price Performance

IRM traded up $3.1970 on Friday, hitting $93.7470. 1,166,349 shares of the stock were exchanged, compared to its average volume of 1,513,392. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24. The business has a 50-day moving average of $97.62 and a two-hundred day moving average of $93.83. The firm has a market capitalization of $27.69 billion, a price-to-earnings ratio of 669.67 and a beta of 1.07.

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 business had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the prior year, the business posted $1.08 earnings per share. Iron Mountain's revenue was up 11.6% compared to the same quarter last year. Equities research analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be given a dividend of $0.785 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.3%. Iron Mountain's dividend payout ratio is currently 2,242.86%.

Insider Activity

In related news, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction dated 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 Securities & Exchange Commission, which is available at this link. Also, EVP Mark Kidd sold 6,000 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $9,292,083.62. This represents a 6.18% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 231,609 shares of company stock worth $22,736,123. 1.90% of the stock is owned by company insiders.

About Iron Mountain

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.