Iron Mountain Incorporated (NYSE:IRM) Shares Purchased by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Iron Mountain by 7.8%, owning approximately 0.06% of the company’s shares valued at $15.23 million after purchasing additional shares in the first quarter.
• Insider transactions saw notable sales, including 900 shares by Director Walter C. Rakowich for approximately $89,973, indicating a 2.41% decrease in his position.
• Iron Mountain's quarterly earnings surpassed estimates, reporting $1.24 EPS, with revenue remaining stable at $1.68 billion, while the company announced a $0.785 quarterly dividend set to be paid soon.

Resona Asset Management Co. Ltd. increased its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 7.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 178,454 shares of the financial services provider's stock after acquiring an additional 12,949 shares during the period. Resona Asset Management Co. Ltd. owned about 0.06% of Iron Mountain worth $15,230,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cranbrook Wealth Management LLC purchased a new position in shares of Iron Mountain in the 1st quarter valued at $26,000. Golden State Wealth Management LLC purchased a new position in shares of Iron Mountain in the 1st quarter valued at $30,000. Ramirez Asset Management Inc. purchased a new position in shares of Iron Mountain in the 1st quarter valued at $34,000. Wayfinding Financial LLC purchased a new position in shares of Iron Mountain in the 1st quarter valued at $37,000. Finally, Franchise Capital Ltd purchased a new position in shares of Iron Mountain in the 1st quarter valued at $39,000. 80.13% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO William L. Meaney sold 69,125 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $94.55, for a total transaction of $6,535,768.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Walter C. Rakowich sold 900 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total value of $89,973.00. Following the transaction, the director owned 36,515 shares in the company, valued at $3,650,404.55. This trade represents a 2.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold 240,007 shares of company stock worth $23,543,507 over the last 90 days. Company insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. cut their price target on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Barclays raised their price target on Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, May 27th. Finally, Wall Street Zen upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a report on Friday, April 18th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $120.00.

Iron Mountain Stock Up 0.1%

Shares of IRM traded up $0.07 during mid-day trading on Friday, hitting $91.47. 1,159,811 shares of the company traded hands, compared to its average volume of 1,454,023. The business has a 50 day moving average of $98.61 and a 200 day moving average of $94.19. The company has a market capitalization of $27.02 billion, a PE ratio of 653.40 and a beta of 1.07. 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 issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.05. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the company earned $1.08 EPS. Iron Mountain's quarterly revenue was up 11.6% on a year-over-year basis. As a group, research analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.4%. Iron Mountain's dividend payout ratio (DPR) is presently 2,242.86%.

Iron Mountain 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.