Iron Mountain Incorporated $IRM Shares Acquired by BNP Paribas Financial Markets

Key Points

• BNP Paribas Financial Markets has increased its stake in Iron Mountain, raising its ownership by 16.3% to approximately 578,174 shares, valued at about $49.7 million.
• Iron Mountain's quarterly earnings report showed an earnings per share (EPS) of $1.24, exceeding analysts' expectations, while the company also announced a dividend of $0.785 per share.
• JPMorgan Chase downgraded Iron Mountain's price target from $112 to $100, while Barclays slightly increased it from $121 to $122, indicating mixed outlooks among analysts.

BNP Paribas Financial Markets raised its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 16.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 578,174 shares of the financial services provider's stock after acquiring an additional 81,027 shares during the period. BNP Paribas Financial Markets owned approximately 0.20% of Iron Mountain worth $49,746,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kestra Private Wealth Services LLC boosted its stake in shares of Iron Mountain by 14.7% in the first quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider's stock valued at $1,251,000 after purchasing an additional 1,860 shares during the period. Golden State Wealth Management LLC purchased a new position in shares of Iron Mountain in the first quarter valued at approximately $30,000. Steward Partners Investment Advisory LLC boosted its stake in shares of Iron Mountain by 1.4% in the first 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 period. Inspire Trust Co. N.A. boosted its stake in shares of Iron Mountain by 21.4% in the first 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 period. Finally, HighTower Advisors LLC boosted its stake in shares of Iron Mountain by 76.7% in the first 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 period. Hedge funds and other institutional investors own 80.13% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on IRM shares. JPMorgan Chase & Co. lowered their price objective 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. Barclays raised their price objective 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. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $120.17.

Iron Mountain Stock Up 0.3%

Shares of Iron Mountain stock opened at $92.28 on Monday. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24. The company has a 50 day moving average of $96.58 and a 200 day moving average of $93.34. The company has a market capitalization of $27.26 billion, a P/E ratio of 659.20 and a beta of 1.08.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company 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 firm earned $1.08 earnings per share. The firm's quarterly revenue was up 11.6% on a year-over-year basis. As a group, research analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Announces Dividend

The business also recently disclosed 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. This represents a $3.14 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Monday, September 15th. Iron Mountain's payout ratio is currently 2,242.86%.

Insider Activity at Iron Mountain

In other news, EVP Greg W. Mcintosh sold 17,334 shares of the business'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 transaction of $1,733,400.00. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Walter C. Rakowich sold 900 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total transaction of $89,973.00. Following the sale, the director 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. Insiders have sold a total of 162,484 shares of company stock worth $15,908,647 over the last 90 days. 1.90% of the stock is owned by corporate insiders.

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.

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