Cbre Investment Management Listed Real Assets LLC Has $66.44 Million Holdings in Iron Mountain Incorporated $IRM

Key Points

• Cbre Investment Management Listed Real Assets LLC increased its holdings in Iron Mountain by 42.7% during the 1st quarter, totaling 772,190 shares valued at approximately $66.4 million.
• CEO William L. Meaney sold 69,125 shares of Iron Mountain stock, amounting to over $6.5 million, while insiders collectively sold 231,609 shares worth about $22.7 million in the last quarter.
• Iron Mountain recently reported earnings of $1.24 EPS, exceeding estimates, with a projected 4.54 EPS for the current year, and announced a quarterly dividend of $0.785 with a yield of 3.3%.

Cbre Investment Management Listed Real Assets LLC grew its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 42.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 772,190 shares of the financial services provider's stock after buying an additional 231,162 shares during the quarter. Cbre Investment Management Listed Real Assets LLC owned 0.26% of Iron Mountain worth $66,439,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in IRM. Cranbrook Wealth Management LLC purchased a new position in shares of Iron Mountain in the first quarter valued at $26,000. Financial Network Wealth Advisors LLC purchased a new position in shares of Iron Mountain in the first quarter valued at $26,000. Golden State Wealth Management LLC purchased a new position in shares of Iron Mountain in the first quarter valued at $30,000. Ramirez Asset Management Inc. purchased a new position in shares of Iron Mountain in the first quarter valued at $34,000. Finally, Wayfinding Financial LLC purchased a new position in shares of Iron Mountain in the first quarter valued at $37,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Iron Mountain Stock Up 0.6%

Shares of IRM traded up $0.55 during trading on Wednesday, reaching $91.98. The company's stock had a trading volume of 868,282 shares, compared to its average volume of 1,807,986. The company has a market cap of $27.17 billion, a price-to-earnings ratio of 657.02 and a beta of 1.07. Iron Mountain Incorporated has a twelve month low of $72.33 and a twelve month high of $130.24. The company has a fifty day moving average of $97.19 and a two-hundred day moving average of $93.63.

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

Iron Mountain Announces Dividend

The business also recently announced 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 of this dividend is Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.4%. Iron Mountain's dividend payout ratio (DPR) is currently 2,242.86%.

Insiders Place Their Bets

In other news, EVP Greg W. Mcintosh sold 17,334 shares of the firm's stock in a transaction on 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 transaction, the executive vice president directly owned 35,446 shares of the company's stock, valued at approximately $3,544,600. This trade represents a 32.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Walter C. Rakowich sold 900 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total value of $89,973.00. Following the transaction, the director directly 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 sold a total of 231,609 shares of company stock valued at $22,736,123 over the last three months. 1.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

IRM has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their price objective on 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 lifted their price target on Iron Mountain from $121.00 to $122.00 and gave the company 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, Iron Mountain currently has a consensus rating of "Buy" and an average price target of $120.17.

Iron Mountain Company 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.