Canada Pension Plan Investment Board Sells 107,925 Shares of Iron Mountain Incorporated $IRM

Key Points

• The Canada Pension Plan Investment Board reduced its holdings in Iron Mountain by 49.7% during the first quarter, owning 109,343 shares valued at approximately $9.4 million after selling 107,925 shares.
• Iron Mountain's recent quarterly earnings reported an EPS of $1.24, surpassing analysts' expectations, and revenue of $1.68 billion, an increase of 11.6% year-over-year.
• The company declared a quarterly dividend of $0.785 per share, translating into an annualized dividend yield of 3.5% with a significant dividend payout ratio.

Canada Pension Plan Investment Board reduced its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 49.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 109,343 shares of the financial services provider's stock after selling 107,925 shares during the quarter. Canada Pension Plan Investment Board's holdings in Iron Mountain were worth $9,408,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Whittier Trust Co. increased its position in Iron Mountain by 3.4% during the 1st quarter. Whittier Trust Co. now owns 3,265 shares of the financial services provider's stock valued at $281,000 after purchasing an additional 108 shares during the period. Stratos Wealth Partners LTD. grew its position in shares of Iron Mountain by 3.7% in the 1st quarter. Stratos Wealth Partners LTD. now owns 3,312 shares of the financial services provider's stock worth $285,000 after buying an additional 118 shares during the period. Diversify Advisory Services LLC grew its position in shares of Iron Mountain by 1.9% in the 1st quarter. Diversify Advisory Services LLC now owns 6,480 shares of the financial services provider's stock worth $572,000 after buying an additional 123 shares during the period. NorthRock Partners LLC grew its position in shares of Iron Mountain by 2.6% in the 1st quarter. NorthRock Partners LLC now owns 5,075 shares of the financial services provider's stock worth $440,000 after buying an additional 131 shares during the period. Finally, Financial Management Professionals Inc. grew its position in shares of Iron Mountain by 2.6% in the 1st quarter. Financial Management Professionals Inc. now owns 5,574 shares of the financial services provider's stock worth $480,000 after buying an additional 140 shares during the period. 80.13% of the stock is owned by hedge funds and other institutional investors.

Iron Mountain Price Performance

IRM stock traded up $1.04 during trading on Friday, hitting $92.12. 1,071,071 shares of the stock traded hands, compared to its average volume of 1,198,842. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24. The firm's 50 day moving average is $95.38 and its two-hundred day moving average is $93.23. The stock has a market cap of $27.21 billion, a price-to-earnings ratio of 658.05 and a beta of 1.08.

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

Iron Mountain Dividend Announcement

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 paid a dividend of $0.785 per share. The ex-dividend date is Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.4%. Iron Mountain's dividend payout ratio is currently 2,242.86%.

Wall Street Analysts Forecast Growth

IRM has been the topic of a number of recent research reports. Barclays upped their target price on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 20th. JPMorgan Chase & Co. reduced their target price on shares of 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 analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $120.17.

Insider Activity at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $89.56, for a total transaction of $6,190,835.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark Kidd sold 6,000 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total transaction of $546,300.00. Following the transaction, the executive vice president owned 79,081 shares in the company, valued at $7,200,325.05. This represents a 7.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 236,709 shares of company stock worth $22,555,809 over the last quarter. 1.90% of the stock is currently owned by insiders.

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.