Hancock Whitney Corp Reduces Holdings in Iron Mountain Incorporated $IRM

Key Points

• Hancock Whitney Corp has reduced its stake in Iron Mountain by **56.7%**, selling **6,668 shares** and now holds **5,089 shares** worth **$438,000**.
• Iron Mountain reported **$1.24 earnings per share**, exceeding analysts' estimates, with a revenue of **$1.68 billion**, reflecting an **11.6% year-over-year increase**.
• The company has declared a **quarterly dividend** of **$0.785**, set to be paid on **October 3rd**, with a **dividend yield of 3.4%** and a payout ratio of **2,242.86%**.

Hancock Whitney Corp decreased its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 56.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,089 shares of the financial services provider's stock after selling 6,668 shares during the period. Hancock Whitney Corp's holdings in Iron Mountain were worth $438,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Kestra Private Wealth Services LLC boosted its holdings in shares of Iron Mountain by 14.7% in the 1st quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider's stock valued at $1,251,000 after buying an additional 1,860 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Iron Mountain in the 1st quarter valued at $30,000. Steward Partners Investment Advisory LLC raised its position in Iron Mountain by 1.4% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 38,032 shares of the financial services provider's stock valued at $3,272,000 after purchasing an additional 513 shares during the last quarter. Inspire Trust Co. N.A. raised its position in Iron Mountain by 21.4% in the 1st quarter. Inspire Trust Co. N.A. now owns 17,000 shares of the financial services provider's stock valued at $1,463,000 after purchasing an additional 3,000 shares during the last quarter. Finally, HighTower Advisors LLC raised its position in Iron Mountain by 76.7% in the 1st quarter. HighTower Advisors LLC now owns 109,124 shares of the financial services provider's stock valued at $9,389,000 after purchasing an additional 47,380 shares during the last quarter. Institutional investors and hedge funds own 80.13% of the company's stock.

Iron Mountain Stock Performance

Iron Mountain stock traded up $0.90 during trading hours on Wednesday, reaching $97.57. 1,868,464 shares of the stock were exchanged, compared to its average volume of 1,791,326. The stock has a market cap of $28.82 billion, a P/E ratio of 696.99 and a beta of 1.08. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24. The firm's 50 day moving average is $95.11 and its 200 day moving average is $93.26.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, topping analysts' consensus estimates of $1.19 by $0.05. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.08 EPS. Equities research analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.2%. Iron Mountain's dividend payout ratio is 2,242.86%.

Insider Activity at Iron Mountain

In other news, EVP Mark Kidd sold 6,000 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total transaction of $546,300.00. Following the transaction, the executive vice president directly owned 79,081 shares of the company's stock, valued at $7,200,325.05. This represents a 7.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $89.56, for a total transaction of $6,190,835.00. The disclosure for this sale can be found here. In 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.

Analyst Upgrades and Downgrades

Several research firms recently commented on IRM. 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 research report on Thursday, August 7th. Barclays upped their price target on shares of 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 assigned a Buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $120.17.

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.