Iron Mountain Incorporated $IRM Shares Purchased by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC has increased its stake in Iron Mountain Incorporated by 10.3%, now owning approximately 819,862 shares valued at around $70.5 million.
• Iron Mountain's recent quarterly earnings surpassed analyst expectations, reporting $1.24 earnings per share against a consensus of $1.19, with an 11.6% year-over-year revenue increase.
• Iron Mountain has declared a quarterly dividend of $0.785 per share, with the ex-dividend date set for September 15, representing a 3.4% yield for investors.

Hsbc Holdings PLC increased its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 10.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 819,862 shares of the financial services provider's stock after purchasing an additional 76,314 shares during the period. Hsbc Holdings PLC owned 0.28% of Iron Mountain worth $70,478,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. Whittier Trust Co. raised its holdings in Iron Mountain by 3.4% in the 1st quarter. Whittier Trust Co. now owns 3,265 shares of the financial services provider's stock valued at $281,000 after acquiring an additional 108 shares during the last quarter. DoubleLine ETF Adviser LP raised its holdings in Iron Mountain by 0.5% in the 4th quarter. DoubleLine ETF Adviser LP now owns 21,064 shares of the financial services provider's stock valued at $2,214,000 after acquiring an additional 114 shares during the last quarter. Stratos Wealth Partners LTD. raised its holdings in Iron Mountain by 3.7% in the 1st quarter. Stratos Wealth Partners LTD. now owns 3,312 shares of the financial services provider's stock valued at $285,000 after acquiring an additional 118 shares during the last quarter. Diversify Advisory Services LLC raised its holdings in Iron Mountain by 1.9% in the 1st quarter. Diversify Advisory Services LLC now owns 6,480 shares of the financial services provider's stock valued at $572,000 after acquiring an additional 123 shares during the last quarter. Finally, NorthRock Partners LLC raised its holdings in Iron Mountain by 2.6% in the 1st quarter. NorthRock Partners LLC now owns 5,075 shares of the financial services provider's stock valued at $440,000 after acquiring an additional 131 shares during the last quarter. Institutional investors and hedge funds own 80.13% of the company's stock.

Insider Buying and Selling at Iron Mountain

In other Iron Mountain news, EVP Greg W. Mcintosh sold 17,334 shares of the firm's 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 of the company's stock, valued at $3,544,600. This trade represents a 32.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Walter C. Rakowich sold 900 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total transaction of $89,973.00. Following the completion of the transaction, the director directly owned 36,515 shares of the company's stock, valued at $3,650,404.55. This represents a 2.41% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 231,609 shares of company stock worth $22,736,123. 1.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

IRM has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut their price objective 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 price target on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to data from MarketBeat.com, Iron Mountain presently has an average rating of "Buy" and an average price target of $120.17.

Iron Mountain Price Performance

Shares of NYSE:IRM traded up $3.1970 during mid-day trading on Friday, reaching $93.7470. 1,166,349 shares of the company were exchanged, compared to its average volume of 1,513,392. The firm has a market cap of $27.69 billion, a price-to-earnings ratio of 669.67 and a beta of 1.07. The firm's 50-day simple moving average is $97.62 and its 200 day simple moving average is $93.83. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.05. The firm had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.68 billion. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The firm's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the company posted $1.08 EPS. On average, research analysts forecast 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 $0.785 dividend. This represents a $3.14 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is currently 2,242.86%.

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.