State of New Jersey Common Pension Fund D Sells 9,342 Shares of Iron Mountain Incorporated $IRM

Key Points

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State of New Jersey Common Pension Fund D cut its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 8.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 96,740 shares of the financial services provider's stock after selling 9,342 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Iron Mountain were worth $8,324,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in IRM. Nuveen LLC purchased a new position in shares of Iron Mountain during the first quarter worth approximately $192,231,000. Northern Trust Corp raised its stake in shares of Iron Mountain by 56.1% during the fourth quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider's stock worth $454,756,000 after acquiring an additional 1,554,746 shares in the last quarter. Point72 Asset Management L.P. increased its stake in shares of Iron Mountain by 439.8% in the fourth quarter. Point72 Asset Management L.P. now owns 1,200,660 shares of the financial services provider's stock worth $126,201,000 after buying an additional 978,251 shares during the period. Nuveen Asset Management LLC increased its stake in shares of Iron Mountain by 39.0% in the fourth quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider's stock worth $267,922,000 after buying an additional 715,024 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Iron Mountain by 117.7% in the first quarter. Principal Financial Group Inc. now owns 904,184 shares of the financial services provider's stock worth $77,796,000 after buying an additional 488,816 shares during the period. 80.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Iron Mountain

In related news, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total value of $612,120.00. Following the sale, the executive vice president owned 91,081 shares in the company, valued at $9,292,083.62. The trade was a 6.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction on Friday, August 1st. The shares were sold at an average price of $94.55, for a total transaction of $6,535,768.75. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 231,609 shares of company stock worth $22,736,123. 1.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on IRM shares. JPMorgan Chase & Co. decreased 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 note on Thursday, August 7th. Barclays lifted their target price on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. Based on data from MarketBeat.com, Iron Mountain presently has a consensus rating of "Buy" and a consensus target price of $120.17.

Iron Mountain Price Performance

NYSE:IRM traded down $0.7760 during trading hours on Thursday, hitting $90.5140. The company had a trading volume of 921,891 shares, compared to its average volume of 1,827,565. The company has a market capitalization of $26.73 billion, a PE ratio of 646.57 and a beta of 1.07. The stock has a 50-day moving average price of $98.02 and a 200 day moving average price of $94.02. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last released 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. The business had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.68 billion. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.08 earnings per share. Analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be issued a $0.785 dividend. The ex-dividend date is Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.5%. Iron Mountain's payout ratio 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.