Vanguard Group Inc. Grows Stake in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Vanguard Group Inc. has increased its holdings in Iron Mountain, owning about 15.87% of the company after acquiring an additional 220,564 shares, valued at over $4 billion.
• Iron Mountain's stock saw a 2.1% increase, with current trading at $91.91 and a market cap of $27.12 billion, despite being down 23% from its 1-year high.
• The company recently announced a quarterly dividend of $0.785 per share, representing a 3.4% yield, with a significantly high dividend payout ratio of 2,242.86%.

Vanguard Group Inc. boosted its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 0.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,825,734 shares of the financial services provider's stock after buying an additional 220,564 shares during the quarter. Vanguard Group Inc. owned approximately 15.87% of Iron Mountain worth $4,028,886,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in IRM. Cerity Partners LLC boosted its holdings in shares of Iron Mountain by 11.8% during the fourth quarter. Cerity Partners LLC now owns 32,836 shares of the financial services provider's stock worth $3,625,000 after acquiring an additional 3,474 shares during the period. Invesco Ltd. boosted its holdings in shares of Iron Mountain by 17.2% during the fourth quarter. Invesco Ltd. now owns 2,482,820 shares of the financial services provider's stock worth $260,969,000 after acquiring an additional 363,783 shares during the period. FIL Ltd boosted its holdings in shares of Iron Mountain by 768.1% during the fourth quarter. FIL Ltd now owns 5,547 shares of the financial services provider's stock worth $583,000 after acquiring an additional 4,908 shares during the period. Bank of Nova Scotia boosted its stake in shares of Iron Mountain by 26.9% in the fourth quarter. Bank of Nova Scotia now owns 47,633 shares of the financial services provider's stock valued at $5,007,000 after buying an additional 10,105 shares during the period. Finally, Advisory Services Network LLC boosted its stake in shares of Iron Mountain by 5.9% in the fourth quarter. Advisory Services Network LLC now owns 28,296 shares of the financial services provider's stock valued at $2,974,000 after buying an additional 1,575 shares during the period. Institutional investors own 80.13% of the company's stock.

Insider Buying and Selling at Iron Mountain

In related news, EVP Greg W. Mcintosh sold 17,334 shares of Iron Mountain stock in a transaction that occurred on Tuesday, July 1st. The shares were 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 directly owned 35,446 shares in the company, valued at approximately $3,544,600. The trade was a 32.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $100.36, for a total transaction of $6,937,385.00. The disclosure for this sale can be found here. Insiders sold a total of 240,007 shares of company stock worth $23,543,507 in the last quarter. 1.90% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. cut their target price on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a research note on Thursday. Barclays upped their target price on Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 27th. Finally, Wall Street Zen upgraded Iron Mountain from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Iron Mountain has an average rating of "Buy" and a consensus price target of $120.00.

Iron Mountain Stock Down 0.2%

Shares of NYSE:IRM traded down $0.21 during trading on Monday, hitting $89.95. 697,416 shares of the company were exchanged, compared to its average volume of 1,853,816. The business's 50 day moving average is $99.49 and its 200-day moving average is $94.53. The company has a market capitalization of $26.57 billion, a P/E ratio of 642.55 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 released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.19 by $0.05. The company 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 business's revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.08 EPS. As a group, sell-side analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

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