Iron Mountain Incorporated $IRM Shares Bought by APG Asset Management US Inc.

Key Points

• APG Asset Management US Inc. increased its stake in Iron Mountain Incorporated by 13.2%, owning 582,174 shares valued at approximately $50.6 million.
• The company recently reported a quarterly earnings per share of $1.24, exceeding the consensus estimate, with an 11.6% year-over-year revenue increase.
• Iron Mountain declared a quarterly dividend of $0.785 per share, reflecting a dividend yield of 3.5% with a high payout ratio of 2,242.86%.

APG Asset Management US Inc. boosted its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 13.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 582,174 shares of the financial services provider's stock after buying an additional 67,966 shares during the period. Iron Mountain makes up 0.4% of APG Asset Management US Inc.'s holdings, making the stock its 27th largest position. APG Asset Management US Inc. owned approximately 0.20% of Iron Mountain worth $50,585,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. AlphaQuest LLC acquired a new position in Iron Mountain in the 1st quarter worth about $94,000. Kestra Advisory Services LLC raised its holdings in shares of Iron Mountain by 4.5% during the first quarter. Kestra Advisory Services LLC now owns 88,000 shares of the financial services provider's stock valued at $7,572,000 after acquiring an additional 3,802 shares during the last quarter. Norinchukin Bank The increased its holdings in shares of Iron Mountain by 9.9% in the first quarter. Norinchukin Bank The now owns 28,668 shares of the financial services provider's stock valued at $2,467,000 after purchasing an additional 2,577 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Iron Mountain in the first quarter valued at approximately $457,000. Finally, Bowen Hanes & Co. Inc. acquired a new stake in shares of Iron Mountain in the first quarter valued at approximately $6,453,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. cut their price target on 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 objective on Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $120.17.

Insider Transactions at Iron Mountain

In other news, Director Walter C. Rakowich sold 900 shares of the firm's stock in a transaction 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 completion of the transaction, the director directly owned 36,515 shares in the company, valued at $3,650,404.55. This trade represents a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $98.77, for a total value of $6,827,476.25. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 231,609 shares of company stock valued at $22,736,123. Corporate insiders own 1.90% of the company's stock.

Iron Mountain Stock Performance

Shares of Iron Mountain stock opened at $90.5140 on Friday. The firm has a market capitalization of $26.73 billion, a price-to-earnings ratio of 646.57 and a beta of 1.07. Iron Mountain Incorporated has a fifty-two week low of $72.33 and a fifty-two week high of $130.24. The stock has a 50 day moving average of $97.78 and a 200 day moving average of $93.95.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, topping 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 company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the business posted $1.08 earnings per share. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. Analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

The company also recently declared 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 3.5%. The ex-dividend date 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.

Want to see what other hedge funds are holding IRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Iron Mountain Incorporated (NYSE:IRM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.