FORA Capital LLC Cuts Stock Holdings in Iron Mountain Incorporated $IRM

Key Points

• FORA Capital LLC has reduced its holdings in Iron Mountain Incorporated (NYSE:IRM) by 25.7%, selling 12,563 shares during the first quarter, which leaves them with 36,263 shares valued at $3,120,000.
• In the first quarter, Vanguard Group and other large investors have increased their stakes, with Vanguard owning over 46.8 million shares valued at approximately $4.03 billion.
• Iron Mountain recently announced a quarterly dividend of $0.785 per share, which translates to an annual yield of 3.4%, and the stock has shown a year-over-year revenue increase of 11.6%.

FORA Capital LLC lessened its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 25.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 36,263 shares of the financial services provider's stock after selling 12,563 shares during the quarter. FORA Capital LLC's holdings in Iron Mountain were worth $3,120,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in IRM. Vanguard Group Inc. raised its holdings in Iron Mountain by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 46,825,734 shares of the financial services provider's stock valued at $4,028,886,000 after acquiring an additional 220,564 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Iron Mountain by 56.1% in the fourth quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider's stock valued at $454,756,000 after purchasing an additional 1,554,746 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Iron Mountain by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 4,256,417 shares of the financial services provider's stock worth $366,210,000 after buying an additional 37,154 shares in the last quarter. Invesco Ltd. boosted its stake 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 buying an additional 366,134 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its holdings in Iron Mountain by 39.0% in the 4th quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider's stock valued at $267,922,000 after buying an additional 715,024 shares in the last quarter. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Iron Mountain Trading Down 0.3%

NYSE IRM opened at $91.51 on Wednesday. The stock has a fifty day simple moving average of $97.19 and a 200-day simple moving average of $93.63. The stock has a market cap of $27.03 billion, a PE ratio of 653.67 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.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.05. The firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.68 billion. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. Iron Mountain's revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.08 EPS. Research analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be issued a $0.785 dividend. This represents a $3.14 annualized dividend and a yield of 3.4%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is 2,242.86%.

Analysts Set New Price Targets

IRM has been the topic of several analyst reports. Barclays lifted 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. reduced their target price 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 investment 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, the stock presently has an average rating of "Buy" and an average price target of $120.17.

Insider Transactions at Iron Mountain

In related news, EVP Greg W. Mcintosh sold 17,334 shares of the business's stock in a transaction 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 approximately $3,544,600. The trade was a 32.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Walter C. Rakowich sold 900 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total value of $89,973.00. Following the transaction, the director directly owned 36,515 shares in the company, valued at approximately $3,650,404.55. The trade was a 2.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold 231,609 shares of company stock worth $22,736,123 in the last ninety days. 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.

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