Polar Asset Management Partners Inc. Has $4.82 Million Stock Position in Iron Mountain Incorporated $IRM

Key Points

• Polar Asset Management Partners Inc. reduced its stake in Iron Mountain Incorporated by 60.4%, selling 85,454 shares, leaving them with 56,046 shares valued at approximately $4.82 million.
• Iron Mountain recently reported a quarterly earnings per share (EPS) of $1.24, surpassing analysts' estimates, with quarterly revenue reaching $1.68 billion, a 11.6% increase year-over-year.
• The company announced a quarterly dividend of $0.785, with an annualized yield of 3.4%, demonstrating a significant dividend payout ratio of 2,242.86%.

Polar Asset Management Partners Inc. lowered its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 60.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 56,046 shares of the financial services provider's stock after selling 85,454 shares during the quarter. Polar Asset Management Partners Inc.'s holdings in Iron Mountain were worth $4,822,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IRM. AXA S.A. acquired a new stake in Iron Mountain in the 4th quarter valued at approximately $404,000. Baird Financial Group Inc. grew its holdings in Iron Mountain by 1.3% in the 4th quarter. Baird Financial Group Inc. now owns 65,506 shares of the financial services provider's stock valued at $6,885,000 after buying an additional 826 shares during the last quarter. EP Wealth Advisors LLC grew its holdings in Iron Mountain by 26.2% in the 4th quarter. EP Wealth Advisors LLC now owns 17,416 shares of the financial services provider's stock valued at $1,831,000 after buying an additional 3,619 shares during the last quarter. Clark Capital Management Group Inc. grew its holdings in Iron Mountain by 22.9% in the 4th quarter. Clark Capital Management Group Inc. now owns 2,776 shares of the financial services provider's stock valued at $292,000 after buying an additional 518 shares during the last quarter. Finally, Ethic Inc. grew its holdings in Iron Mountain by 26.9% in the 4th quarter. Ethic Inc. now owns 60,582 shares of the financial services provider's stock valued at $6,368,000 after buying an additional 12,846 shares during the last quarter. Institutional investors and hedge funds own 80.13% of the company's stock.

Insider Buying and Selling

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

Analysts Set New Price Targets

A number of brokerages have commented on IRM. Barclays raised 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, August 20th. JPMorgan Chase & Co. reduced 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. One equities research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $120.17.

Iron Mountain Stock Up 0.2%

Shares of IRM stock traded up $0.14 during mid-day trading on Monday, reaching $92.32. The stock had a trading volume of 1,572,599 shares, compared to its average volume of 1,174,613. The firm 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 one year low of $72.33 and a one year high of $130.24. The firm's 50 day simple moving average is $95.18 and its 200 day simple moving average is $93.24.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, topping the consensus estimate of $1.19 by $0.05. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.68 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.Iron Mountain's revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the company earned $1.08 EPS. Sell-side analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share 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. Investors 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 3.4%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is 2,242.86%.

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.