Intech Investment Management LLC Acquires 28,561 Shares of Iron Mountain Incorporated $IRM

Key Points

• Intech Investment Management LLC increased its stake in Iron Mountain by 6.8%, purchasing an additional 28,561 shares in the first quarter, bringing its total holdings to 448,761 shares valued at approximately $38.61 million.
• Iron Mountain plans to pay a quarterly dividend of $0.785 on October 3rd, resulting in an annualized dividend yield of 3.3%.
• The company's recent earnings report showed an EPS of $1.24, surpassing analyst expectations, with quarterly revenue up 11.6% year-over-year, totaling $1.68 billion.

Intech Investment Management LLC increased its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 6.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 448,761 shares of the financial services provider's stock after purchasing an additional 28,561 shares during the period. Intech Investment Management LLC owned approximately 0.15% of Iron Mountain worth $38,611,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of IRM. Cranbrook Wealth Management LLC bought a new position in shares of Iron Mountain in the first quarter worth approximately $26,000. Financial Network Wealth Advisors LLC purchased a new stake in Iron Mountain in the first quarter worth approximately $26,000. Golden State Wealth Management LLC purchased a new stake in Iron Mountain in the first quarter worth approximately $30,000. Ramirez Asset Management Inc. purchased a new stake in Iron Mountain in the first quarter worth approximately $34,000. Finally, Wayfinding Financial LLC purchased a new stake in Iron Mountain in the first quarter worth approximately $37,000. 80.13% of the stock is currently owned by institutional investors.

Iron Mountain Trading Down 2.0%

IRM stock traded down $2.01 during midday trading on Friday, hitting $96.82. The company had a trading volume of 1,135,631 shares, compared to its average volume of 1,241,750. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24. The stock's 50 day moving average price is $94.93 and its 200 day moving average price is $93.37. The stock has a market cap of $28.60 billion, a price-to-earnings ratio of 691.64 and a beta of 1.08.

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 negative return on equity of 146.80% and a net margin of 0.66%.The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the company posted $1.08 earnings per share. The business's revenue was up 11.6% on a year-over-year basis. Analysts predict that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The business also recently disclosed 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. The ex-dividend date is Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.2%. Iron Mountain's payout ratio is presently 2,242.86%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on IRM shares. Barclays upped their target price on Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 20th. JPMorgan Chase & Co. cut their target price on 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 equities research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $120.17.

Insider Buying and Selling

In related news, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction that occurred 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Kidd sold 6,000 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total value of $546,300.00. Following the transaction, the executive vice president owned 79,081 shares of the company's stock, valued at approximately $7,200,325.05. This represents a 7.05% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 236,709 shares of company stock worth $22,555,809. Company insiders own 1.90% of the company's stock.

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.