Iron Mountain Incorporated $IRM Shares Sold by AQR Capital Management LLC

Key Points

• AQR Capital Management has reduced its holdings in Iron Mountain Incorporated by 68.0%, owning 65,165 shares worth approximately $5.53 million after selling 138,699 shares in the first quarter.
• Analysts have mixed opinions on Iron Mountain's stock, with JPMorgan Chase lowering its price target from $112.00 to $100.00, while Barclays raised its target from $121.00 to $122.00, maintaining an "overweight" rating.
• The firm recently announced a quarterly dividend of $0.785 per share, with a significant annualized dividend yield of 3.2%, despite a high payout ratio of 2,242.86%.

AQR Capital Management LLC cut its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 68.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 65,165 shares of the financial services provider's stock after selling 138,699 shares during the quarter. AQR Capital Management LLC's holdings in Iron Mountain were worth $5,531,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Nuveen LLC bought a new stake in Iron Mountain in the first quarter valued at $192,231,000. Contour Asset Management LLC bought a new position in shares of Iron Mountain during the 1st quarter valued at approximately $122,801,000. Principal Financial Group Inc. lifted its holdings in Iron Mountain by 117.7% in the 1st quarter. Principal Financial Group Inc. now owns 904,184 shares of the financial services provider's stock worth $77,796,000 after purchasing an additional 488,816 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Iron Mountain in the 4th quarter worth approximately $39,687,000. Finally, Invesco Ltd. raised its holdings in shares of Iron Mountain by 14.7% during the 1st quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider's stock worth $245,124,000 after acquiring an additional 366,134 shares in the last quarter. Institutional investors own 80.13% of the company's stock.

Iron Mountain Stock Performance

Shares of NYSE:IRM traded down $0.50 during trading on Thursday, reaching $98.99. The stock had a trading volume of 992,246 shares, compared to its average volume of 1,341,336. The business has a fifty day moving average price of $94.94 and a 200-day moving average price of $93.58. The stock has a market cap of $29.24 billion, a PE ratio of 707.09 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 released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the company posted $1.08 earnings per share. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. Sell-side analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Dividend Announcement

The business also recently disclosed 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 of this dividend is Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.2%. Iron Mountain's dividend payout ratio is currently 2,242.86%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on IRM shares. Barclays increased their price target on Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a report on Wednesday, August 20th. JPMorgan Chase & Co. decreased their price objective on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. One 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.com, Iron Mountain currently has an average rating of "Buy" and an average price target of $120.17.

Insider Buying and Selling

In other news, EVP Greg W. Mcintosh sold 17,334 shares of the firm'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 sale, the executive vice president directly owned 35,446 shares of the company's stock, valued at $3,544,600. This trade represents a 32.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $94.55, for a total value of $6,535,768.75. The disclosure for this sale can be found here. Insiders sold 236,709 shares of company stock valued at $22,555,809 in the last quarter. 1.90% of the stock is currently owned by insiders.

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.