Iron Mountain Incorporated $IRM Shares Bought by Federation des caisses Desjardins du Quebec

Key Points

• Federation des caisses Desjardins du Quebec increased its stake in Iron Mountain by 22.8%, acquiring an additional 7,862 shares, bringing their total holdings to 42,272 shares valued at approximately $3.64 million.
• Iron Mountain's stock has received a consensus rating of "Buy" from analysts, with a target price ranging between $100.00 and $122.00.
• CEO William L. Meaney sold 69,125 shares of Iron Mountain stock for over $6 million, while insider transactions have resulted in a total of 236,709 shares sold worth about $22.55 million in the last ninety days.

Federation des caisses Desjardins du Quebec grew its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 22.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 42,272 shares of the financial services provider's stock after purchasing an additional 7,862 shares during the period. Federation des caisses Desjardins du Quebec's holdings in Iron Mountain were worth $3,637,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cranbrook Wealth Management LLC acquired a new position in shares of Iron Mountain in the 1st quarter valued at $26,000. Financial Network Wealth Advisors LLC acquired a new position in shares of Iron Mountain in the 1st quarter valued at $26,000. Golden State Wealth Management LLC acquired a new position in shares of Iron Mountain in the 1st quarter valued at $30,000. Ramirez Asset Management Inc. acquired a new position in shares of Iron Mountain in the 1st quarter valued at $34,000. Finally, Wayfinding Financial LLC acquired a new position in shares of Iron Mountain in the 1st quarter valued at $37,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Iron Mountain Price Performance

IRM stock traded up $0.14 during trading on Monday, hitting $92.32. 1,572,599 shares of the company traded hands, compared to its average volume of 1,174,613. The stock's 50-day simple moving average is $95.18 and its 200 day simple moving average is $93.24. The company has a market cap of $27.27 billion, a PE ratio of 659.49 and a beta of 1.08. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same period last year, the business earned $1.08 earnings per share. Iron Mountain's quarterly revenue was up 11.6% on a year-over-year basis. Research analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be paid a $0.785 dividend. 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%.

Insiders Place Their Bets

In related news, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total value of $546,300.00. Following the completion of the transaction, the executive vice president owned 79,081 shares in the company, valued at $7,200,325.05. The trade was a 7.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $89.56, for a total value of $6,190,835.00. The disclosure for this sale can be found here. Insiders have sold 236,709 shares of company stock worth $22,555,809 in the last 90 days. 1.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on IRM. Barclays upped their target price on Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research report 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 on the stock in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus 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.