Mizuho Securities USA LLC Cuts Stake in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Mizuho Securities USA LLC sold 4,293 shares of Iron Mountain, decreasing its holdings in the financial services provider by 15.4% in the first quarter, now owning 23,520 shares valued at $2,024,000.
• Iron Mountain reported a quarterly EPS of $1.24, beating analyst estimates and achieving an 11.6% revenue increase year-over-year, with revenues hitting $1.68 billion.
• The company declared a quarterly dividend of $0.785, representing a 3.5% annual yield, with a payout ratio of 2,242.86%.

Mizuho Securities USA LLC decreased its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 15.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,520 shares of the financial services provider's stock after selling 4,293 shares during the period. Mizuho Securities USA LLC's holdings in Iron Mountain were worth $2,024,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in IRM. Cranbrook Wealth Management LLC acquired a new stake in shares of Iron Mountain in the 1st quarter valued at $26,000. Golden State Wealth Management LLC acquired a new position in Iron Mountain during the first quarter worth about $30,000. Ramirez Asset Management Inc. purchased a new position in shares of Iron Mountain during the first quarter valued at approximately $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 bought a new stake in shares of Iron Mountain in the 1st quarter worth about $39,000. 80.13% of the stock is currently owned by institutional investors and hedge funds.

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 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 sale, 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 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 dated Tuesday, July 1st. The stock was sold at an average price of $100.36, for a total value of $6,937,385.00. The disclosure for this sale can be found here. Insiders have sold 240,007 shares of company stock valued at $23,543,507 over the last ninety days. Insiders own 1.90% of the company's stock.

Iron Mountain Trading Up 0.1%

NYSE:IRM traded up $0.12 during mid-day trading on Friday, hitting $91.52. 613,097 shares of the company's stock were exchanged, compared to its average volume of 1,842,933. Iron Mountain Incorporated has a fifty-two week low of $72.33 and a fifty-two week high of $130.24. The company has a 50 day simple moving average of $98.82 and a 200-day simple moving average of $94.28. The firm has a market capitalization of $27.03 billion, a P/E ratio of 654.10 and a beta of 1.07.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.05. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.68 billion. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The company's quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.08 earnings per share. As a group, analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be given a dividend of $0.785 per share. This represents a $3.14 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is presently 2,242.86%.

Wall Street Analyst Weigh In

IRM has been the subject of several research reports. Barclays raised their target price on Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. JPMorgan Chase & Co. decreased their price target on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Finally, Wall Street Zen upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $120.00.

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.