DoubleLine ETF Adviser LP Cuts Holdings in Iron Mountain Incorporated $IRM

Key Points

• DoubleLine ETF Adviser LP has reduced its stake in Iron Mountain Incorporated (IRM) by 18.4%, now holding 17,189 shares worth approximately $1.48 million.
• CEO William L. Meaney and EVP Greg W. Mcintosh sold significant amounts of stock, with Meaney selling over 69,125 shares for approximately $6.94 million.
• Iron Mountain declared a quarterly dividend of $0.785 per share, payable on October 3rd, representing an annual yield of 3.5%.

DoubleLine ETF Adviser LP reduced its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 18.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 17,189 shares of the financial services provider's stock after selling 3,875 shares during the quarter. DoubleLine ETF Adviser LP's holdings in Iron Mountain were worth $1,479,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in IRM. Nuveen LLC acquired a new position in shares of Iron Mountain during the 1st quarter worth about $192,231,000. Contour Asset Management LLC acquired a new position in shares of Iron Mountain during the 1st quarter worth about $122,801,000. Point72 Asset Management L.P. boosted its position in shares of Iron Mountain by 439.8% during the 4th quarter. Point72 Asset Management L.P. now owns 1,200,660 shares of the financial services provider's stock worth $126,201,000 after acquiring an additional 978,251 shares in the last quarter. Nuveen Asset Management LLC boosted its position in shares of Iron Mountain by 39.0% during the 4th quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider's stock worth $267,922,000 after acquiring an additional 715,024 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Iron Mountain by 117.7% during the 1st quarter. Principal Financial Group Inc. now owns 904,184 shares of the financial services provider's stock worth $77,796,000 after acquiring an additional 488,816 shares in the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently issued reports on IRM shares. JPMorgan Chase & Co. lowered their price objective on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Barclays upped their target price on Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $120.17.

Insider Buying and Selling

In other Iron Mountain news, 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 transaction of $1,733,400.00. Following the completion of the sale, the executive vice president directly owned 35,446 shares of the company's stock, valued at $3,544,600. This represents a 32.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the 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 disclosure for this sale can be found here. Insiders sold 236,709 shares of company stock valued at $22,555,809 in the last quarter. 1.90% of the stock is currently owned by insiders.

Iron Mountain Stock Up 0.2%

IRM traded up $0.14 on Monday, hitting $92.32. 1,572,599 shares of the company traded hands, compared to its average volume of 1,790,235. The company has a 50 day moving average of $95.38 and a 200-day moving average of $93.23. The stock has a market capitalization of $27.27 billion, a PE ratio of 659.49 and a beta of 1.08. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, beating the consensus estimate of $1.19 by $0.05. The firm had revenue of $1.68 billion during 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%.The firm's revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.08 EPS. On average, research analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be paid 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 3.4%. Iron Mountain's dividend payout ratio is currently 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.