Royal Bank of Canada Boosts Stock Position in Iron Mountain Incorporated $IRM

Key Points

• Royal Bank of Canada increased its holdings in Iron Mountain Incorporated by 11.1%, acquiring 49,912 additional shares to reach a total of 497,929 shares, valued at approximately $42.8 million.
• Insider transactions included CEO William L. Meaney selling 69,125 shares for nearly $6.94 million, highlighting notable executive selling activity.
• Iron Mountain's quarterly revenue rose 11.6% year-over-year, reporting $1.68 billion along with an EPS of $1.24, exceeding analysts' expectations.

Royal Bank of Canada lifted its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 11.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 497,929 shares of the financial services provider's stock after purchasing an additional 49,912 shares during the period. Royal Bank of Canada owned 0.17% of Iron Mountain worth $42,843,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Kestra Private Wealth Services LLC increased its stake in 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 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 increased its position in shares of 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 buying an additional 513 shares in the last quarter. Inspire Trust Co. N.A. raised its stake in Iron Mountain by 21.4% during the 1st quarter. Inspire Trust Co. N.A. now owns 17,000 shares of the financial services provider's stock worth $1,463,000 after buying an additional 3,000 shares during the period. Finally, HighTower Advisors LLC lifted its holdings in Iron Mountain by 76.7% during the first quarter. HighTower Advisors LLC now owns 109,124 shares of the financial services provider's stock worth $9,389,000 after acquiring an additional 47,380 shares in the last quarter. Institutional investors own 80.13% of the company's stock.

Insider Buying and Selling at Iron Mountain

In other news, EVP Mark Kidd sold 6,000 shares of Iron Mountain 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 completion of the sale, the executive vice president directly owned 79,081 shares in the company, valued at approximately $7,200,325.05. The trade was a 7.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Greg W. Mcintosh sold 17,334 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $100.00, for a total transaction of $1,733,400.00. Following the sale, the executive vice president directly owned 35,446 shares of the company's stock, valued at $3,544,600. This represents a 32.84% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 236,709 shares of company stock worth $22,555,809. 1.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports 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 report on Thursday, August 7th. Barclays increased their target price on Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a report on Wednesday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $120.17.

Iron Mountain Price Performance

IRM stock traded up $0.14 during mid-day trading on Monday, reaching $92.32. The company had a trading volume of 1,572,599 shares, compared to its average volume of 1,174,613. The company has a market capitalization of $27.27 billion, a price-to-earnings ratio of 659.49 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 stock has a 50 day simple moving average of $95.18 and a two-hundred day simple moving average of $93.24.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings results 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. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The business had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter last year, the company posted $1.08 earnings per share. Iron Mountain's quarterly revenue was up 11.6% on a year-over-year basis. On average, equities analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be paid a $0.785 dividend. The ex-dividend date is Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.4%. Iron Mountain's payout ratio is 2,242.86%.

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.