Forsta AP Fonden Has $7.99 Million Holdings in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Forsta AP Fonden increased its stake in Iron Mountain by 47.5% in the first quarter, holding 92,800 shares valued at nearly $8 million, amid significant interest from other large investors.
• CEO William L. Meaney and EVP Greg W. Mcintosh sold shares of Iron Mountain, with insiders collectively unloading 240,007 shares valued at over $23 million in the last quarter.
• The company announced a quarterly dividend of $0.785 per share, translating to a 3.5% yield, while maintaining a high dividend payout ratio of 2,242.86%.

Forsta AP Fonden grew its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 47.5% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 92,800 shares of the financial services provider's stock after buying an additional 29,900 shares during the period. Forsta AP Fonden's holdings in Iron Mountain were worth $7,985,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in IRM. Whittier Trust Co. raised its holdings in Iron Mountain by 3.4% during the first quarter. Whittier Trust Co. now owns 3,265 shares of the financial services provider's stock worth $281,000 after purchasing an additional 108 shares in the last quarter. Belpointe Asset Management LLC grew its position in shares of Iron Mountain by 1.6% in the fourth quarter. Belpointe Asset Management LLC now owns 7,250 shares of the financial services provider's stock valued at $821,000 after purchasing an additional 112 shares during the last quarter. DoubleLine ETF Adviser LP grew its position in shares of Iron Mountain by 0.5% in the fourth quarter. DoubleLine ETF Adviser LP now owns 21,064 shares of the financial services provider's stock valued at $2,214,000 after purchasing an additional 114 shares during the last quarter. Stratos Wealth Partners LTD. grew its position in shares of Iron Mountain by 3.7% in the first quarter. Stratos Wealth Partners LTD. now owns 3,312 shares of the financial services provider's stock valued at $285,000 after purchasing an additional 118 shares during the last quarter. Finally, Diversify Advisory Services LLC lifted its stake in shares of Iron Mountain by 1.9% during the first quarter. Diversify Advisory Services LLC now owns 6,480 shares of the financial services provider's stock valued at $572,000 after buying an additional 123 shares during the period. 80.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Buying and Selling at Iron Mountain

In other Iron Mountain news, EVP Greg W. Mcintosh sold 17,334 shares of the business's 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 sale, the executive vice president directly owned 35,446 shares of the company's stock, 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 hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 240,007 shares of company stock valued at $23,543,507. 1.90% of the stock is currently owned by insiders.

Iron Mountain Trading Up 2.1%

Shares of NYSE IRM traded up $1.93 during midday trading on Wednesday, reaching $94.08. The company's stock had a trading volume of 1,783,102 shares, compared to its average volume of 1,853,486. Iron Mountain Incorporated has a one year low of $72.33 and a one year high of $130.24. The company has a 50 day moving average price of $99.14 and a 200 day moving average price of $94.37. The company has a market cap of $27.79 billion, a price-to-earnings ratio of 672.05 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, topping analysts' consensus estimates 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 business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the firm earned $1.08 earnings per share. The firm's revenue was up 11.6% compared to the same quarter last year. Research analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Dividend Announcement

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