Federated Hermes Inc. Sells 34,107 Shares of Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Federated Hermes Inc. reduced its stake in Iron Mountain by 77.4%, selling 34,107 shares and retaining 9,951 shares valued at approximately $856,000.
• Analyst ratings show mixed sentiment, with one firm raising its rating to "hold," while others set a target price range from $100.00 to $121.00.
• Iron Mountain announced a quarterly dividend of $0.785 per share with a yield of 3.5%, reflecting a significant dividend payout ratio of 2,242.86%.

Federated Hermes Inc. decreased its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 77.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,951 shares of the financial services provider's stock after selling 34,107 shares during the period. Federated Hermes Inc.'s holdings in Iron Mountain were worth $856,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Cranbrook Wealth Management LLC purchased a new position in shares of Iron Mountain in the first quarter valued at $26,000. Golden State Wealth Management LLC purchased a new position in Iron Mountain during the first quarter worth $30,000. Ramirez Asset Management Inc. purchased a new position in Iron Mountain during the first quarter worth $34,000. Wayfinding Financial LLC purchased a new position in Iron Mountain during the first quarter worth $37,000. Finally, Franchise Capital Ltd purchased a new position in Iron Mountain during the first quarter worth $39,000. Institutional investors own 80.13% of the company's stock.

Iron Mountain Price Performance

Shares of NYSE IRM traded down $0.16 during midday trading on Monday, hitting $90.00. 596,823 shares of the company's stock were exchanged, compared to its average volume of 1,853,180. The company has a market cap of $26.58 billion, a PE ratio of 643.23 and a beta of 1.07. Iron Mountain Incorporated has a twelve month low of $72.33 and a twelve month high of $130.24. The firm's fifty day simple moving average is $99.49 and its 200-day simple moving average is $94.53.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the business posted $1.08 EPS. The company's revenue was up 11.6% on a year-over-year basis. Equities analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The company also recently declared 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 is Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.5%. Iron Mountain's dividend payout ratio is currently 2,242.86%.

Insider Transactions 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 stock was sold at an average price of $102.02, for a total value of $612,120.00. Following the sale, the executive vice president directly owned 91,081 shares in the company, valued at $9,292,083.62. This trade represents a 6.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Greg W. Mcintosh sold 17,334 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $100.00, for a total value of $1,733,400.00. Following the transaction, the executive vice president directly owned 35,446 shares of the company's stock, valued at approximately $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. Over the last ninety days, insiders have sold 240,007 shares of company stock valued at $23,543,507. Insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

IRM has been the subject of several research analyst reports. Barclays lifted their target price on Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. Wall Street Zen upgraded Iron Mountain from a "sell" rating to a "hold" rating in a report on Friday, April 18th. Finally, JPMorgan Chase & Co. cut their target price on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Iron Mountain has a consensus rating of "Buy" and an average price target of $120.00.

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.