IFM Investors Pty Ltd Sells 11,039 Shares of Iron Mountain Incorporated $IRM

Key Points

• IFM Investors Pty Ltd reduced its holdings in Iron Mountain by 9.7% during Q2, now owning 103,029 shares valued at approximately $10.57 million.
• Major brokerages have adjusted their target prices for Iron Mountain, with JPMorgan decreasing it from $112 to $100 while Barclays increased it from $121 to $122.
• Iron Mountain will distribute a quarterly dividend of $0.785 on October 3rd, representing an annualized dividend yield of 3.1% and a payout ratio of 2,242.86%.

IFM Investors Pty Ltd cut its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 9.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 103,029 shares of the financial services provider's stock after selling 11,039 shares during the period. IFM Investors Pty Ltd's holdings in Iron Mountain were worth $10,568,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cranbrook Wealth Management LLC acquired a new position in Iron Mountain in the 1st quarter worth $26,000. Financial Network Wealth Advisors LLC acquired a new position in shares of Iron Mountain during the 1st quarter worth about $26,000. Golden State Wealth Management LLC acquired a new position in shares of Iron Mountain during the 1st quarter worth about $30,000. Ramirez Asset Management Inc. acquired a new position in shares of Iron Mountain during the 1st quarter worth about $34,000. Finally, Wayfinding Financial LLC acquired a new position in shares of Iron Mountain during the 1st quarter worth about $37,000. 80.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $94.55, for a total transaction of $6,535,768.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total transaction of $546,300.00. Following the sale, the executive vice president directly owned 79,081 shares of the company's stock, valued at approximately $7,200,325.05. The trade was a 7.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 236,709 shares of company stock valued at $22,555,809. Insiders own 1.90% of the company's stock.

Iron Mountain Trading Down 0.1%

IRM stock traded down $0.10 during midday trading on Tuesday, hitting $104.36. The stock had a trading volume of 216,375 shares, compared to its average volume of 1,784,135. The firm has a market cap of $30.82 billion, a P/E ratio of 746.22 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 business has a fifty day moving average price of $95.10 and a two-hundred day moving average price of $93.92.

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

Iron Mountain Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be given a dividend of $0.785 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.14 annualized dividend and a dividend yield of 3.0%. Iron Mountain's payout ratio is presently 2,242.86%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on IRM shares. Jefferies Financial Group started coverage on shares of Iron Mountain in a research note on Monday. They set a "buy" rating and a $120.00 price objective for the company. Barclays raised their target price on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research note on Wednesday, August 20th. Finally, JPMorgan Chase & Co. cut their target price on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $116.83.

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.