Goldman Sachs Group Inc. Acquires 913,715 Shares of Iron Mountain Incorporated $IRM

Key Points

• Goldman Sachs Group Inc. has increased its stake in Iron Mountain by 86.1% to approximately 1.97 million shares, making its total investment around $169.9 million.
• Iron Mountain's stock opened at $97.57 and has a market cap of $28.82 billion, with a PE ratio of 696.99.
• The company recently announced a quarterly dividend of $0.785 per share, translating to an annualized dividend yield of 3.2%.

Goldman Sachs Group Inc. increased its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 86.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,974,922 shares of the financial services provider's stock after acquiring an additional 913,715 shares during the quarter. Goldman Sachs Group Inc. owned about 0.67% of Iron Mountain worth $169,922,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Nuveen LLC acquired a new stake in Iron Mountain in the 1st quarter worth $192,231,000. Contour Asset Management LLC bought a new stake in shares of Iron Mountain in the first quarter valued at about $122,801,000. Point72 Asset Management L.P. grew its position in Iron Mountain by 439.8% during the fourth quarter. Point72 Asset Management L.P. now owns 1,200,660 shares of the financial services provider's stock worth $126,201,000 after buying an additional 978,251 shares in the last quarter. Nuveen Asset Management LLC increased its stake in Iron Mountain by 39.0% during the fourth quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider's stock valued at $267,922,000 after acquiring an additional 715,024 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in Iron Mountain by 117.7% in the 1st quarter. Principal Financial Group Inc. now owns 904,184 shares of the financial services provider's stock valued at $77,796,000 after acquiring an additional 488,816 shares in the last quarter. 80.13% of the stock is owned by institutional investors.

Iron Mountain Trading Up 0.9%

Shares of IRM opened at $97.57 on Thursday. The stock has a market cap of $28.82 billion, a PE ratio of 696.99 and a beta of 1.08. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24. The stock has a 50 day simple moving average of $95.07 and a 200-day simple moving average of $93.29.

Iron Mountain (NYSE:IRM - Get Free Report) last announced 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. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The firm had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the prior year, the business posted $1.08 earnings per share. The business's revenue was up 11.6% compared to the same quarter last year. On average, sell-side analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Dividend Announcement

The company also recently announced 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 is Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.2%. Iron Mountain's dividend payout ratio (DPR) is 2,242.86%.

Analyst Upgrades and Downgrades

IRM has been the topic of several recent research reports. JPMorgan Chase & Co. decreased their price objective on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Barclays lifted their price target on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $120.17.

Insider Activity

In other news, EVP Greg W. Mcintosh sold 17,334 shares of Iron Mountain stock in a transaction that occurred 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William L. Meaney sold 69,125 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $100.36, for a total value of $6,937,385.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 236,709 shares of company stock valued at $22,555,809. Company insiders own 1.90% of the company's stock.

Iron Mountain 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.