Wellington Management Group LLP Cuts Position in Iron Mountain Incorporated $IRM

Key Points

• Wellington Management Group LLP has reduced its holdings in Iron Mountain Incorporated by 31%, selling 480,344 shares and now owning approximately 1.07 million shares valued at $91.8 million.
• In the first quarter, other institutional investors made notable adjustments to their positions, with Korea Investment CORP increasing their holdings by 68.5% and Aptus Capital Advisors LLC raising theirs by 44.7%.
• Iron Mountain announced a quarterly dividend of $0.785 per share, equating to a 3.5% yield, which will be paid to shareholders on October 3rd.

Wellington Management Group LLP decreased its position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 31.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,067,364 shares of the financial services provider's stock after selling 480,344 shares during the quarter. Wellington Management Group LLP owned approximately 0.36% of Iron Mountain worth $91,836,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Kestra Private Wealth Services LLC boosted its holdings in shares of Iron Mountain by 14.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider's stock valued at $1,251,000 after acquiring an additional 1,860 shares in the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of Iron Mountain during the 1st quarter valued at $30,000. Inspire Trust Co. N.A. raised its position in Iron Mountain by 21.4% during the 1st quarter. Inspire Trust Co. N.A. now owns 17,000 shares of the financial services provider's stock worth $1,463,000 after purchasing an additional 3,000 shares during the last quarter. HighTower Advisors LLC raised its position in Iron Mountain by 76.7% during the 1st quarter. HighTower Advisors LLC now owns 109,124 shares of the financial services provider's stock worth $9,389,000 after purchasing an additional 47,380 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in Iron Mountain by 3.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 11,538 shares of the financial services provider's stock worth $993,000 after purchasing an additional 388 shares during the last quarter. Institutional investors and hedge funds own 80.13% of the company's stock.

Insider Transactions at Iron Mountain

In other news, EVP Mark Kidd sold 6,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $102.02, for a total value of $612,120.00. Following the transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Greg W. Mcintosh sold 17,334 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $100.00, for a total value of $1,733,400.00. Following the completion of the transaction, the executive vice president owned 35,446 shares in the company, valued at $3,544,600. The trade was a 32.84% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 231,609 shares of company stock valued at $22,736,123. 1.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on IRM shares. JPMorgan Chase & Co. lowered their target price 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 raised their target price on Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $120.17.

Iron Mountain Stock Performance

Shares of IRM stock traded up $3.1970 during mid-day trading on Friday, hitting $93.7470. The company's stock had a trading volume of 1,166,349 shares, compared to its average volume of 1,538,975. The company's fifty day simple moving average is $97.62 and its 200-day simple moving average is $93.74. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24. The company has a market cap of $27.69 billion, a PE ratio of 669.67 and a beta of 1.07.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its earnings results 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 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%.The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the business posted $1.08 EPS. On average, equities analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be paid a $0.785 dividend. The ex-dividend date is Monday, September 15th. This represents a $3.14 annualized dividend and a dividend yield of 3.3%. Iron Mountain's dividend payout ratio (DPR) is currently 2,242.86%.

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.