Fjarde AP Fonden Fourth Swedish National Pension Fund Sells 2,900 Shares of Iron Mountain Incorporated $IRM

Key Points

• Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its stake in Iron Mountain Incorporated by 5.5%, owning 50,184 shares worth approximately $4.3 million after selling 2,900 shares.
• Insider selling activity includes two executives, Mark Kidd and Greg W. Mcintosh, selling a total of 23,543,507 shares, indicating a significant decrease in their positions.
• Analysts have mixed ratings on Iron Mountain, with a consensus rating of "Buy" and an average price target of $120.00, although JPMorgan recently lowered their price objective to $100.00.

Fjarde AP Fonden Fourth Swedish National Pension Fund cut its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 5.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,184 shares of the financial services provider's stock after selling 2,900 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Iron Mountain were worth $4,318,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of IRM. Financial Network Wealth Advisors LLC bought a new position in shares of Iron Mountain during the first quarter worth $26,000. Tokio Marine Asset Management Co. Ltd. raised its position in shares of Iron Mountain by 3.2% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 10,671 shares of the financial services provider's stock worth $918,000 after purchasing an additional 330 shares during the period. National Pension Service lifted its holdings in shares of Iron Mountain by 17.4% during the 1st quarter. National Pension Service now owns 472,921 shares of the financial services provider's stock valued at $40,690,000 after purchasing an additional 70,108 shares in the last quarter. Resona Asset Management Co. Ltd. grew its position in shares of Iron Mountain by 7.8% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 178,454 shares of the financial services provider's stock valued at $15,230,000 after purchasing an additional 12,949 shares during the period. Finally, Westpac Banking Corp increased its stake in Iron Mountain by 59.5% during the 1st quarter. Westpac Banking Corp now owns 6,706 shares of the financial services provider's stock worth $577,000 after purchasing an additional 2,501 shares in the last quarter. Institutional investors own 80.13% of the company's stock.

Insiders Place Their Bets

In other news, EVP Greg W. Mcintosh sold 17,334 shares of the firm'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 value 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 trade represents a 32.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Mark Kidd sold 6,000 shares of the stock in a transaction 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 completion of 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 position. The disclosure for this sale can be found here. Insiders have sold 231,609 shares of company stock worth $22,736,123 over the last ninety days. 1.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

Iron Mountain Stock Down 0.7%

Shares of NYSE:IRM traded down $0.6250 during midday trading on Thursday, reaching $90.6650. The company had a trading volume of 615,756 shares, compared to its average volume of 1,825,092. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24. The stock has a market cap of $26.78 billion, a PE ratio of 647.27 and a beta of 1.07. The business's 50 day moving average price is $98.02 and its 200 day moving average price is $94.02.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, beating analysts' consensus estimates 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 business's revenue was up 11.6% compared to the same quarter last year. During the same period last year, the company earned $1.08 earnings per share. On average, research analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders 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 yield of 3.5%. The ex-dividend date of this dividend is Monday, September 15th. Iron Mountain's payout ratio is 2,242.86%.

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.