Iron Mountain Incorporated (NYSE:IRM) Shares Purchased by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. increased its holdings in Iron Mountain by 17.8%, owning a total of 2,061,560 shares valued at approximately $177.38 million as of the latest SEC filing.
• Iron Mountain declared a quarterly dividend of $0.785, representing an annualized dividend of $3.14 with a yield of 3.4%.
• Despite reporting earnings of $1.24 per share, topping estimates, Iron Mountain's stock saw a decline of 2.6% recently and is currently down 23% from its one-year high.

JPMorgan Chase & Co. increased its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 17.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,061,560 shares of the financial services provider's stock after buying an additional 311,494 shares during the period. JPMorgan Chase & Co. owned about 0.70% of Iron Mountain worth $177,377,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Northern Trust Corp increased its position in shares of Iron Mountain by 56.1% during the fourth quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider's stock worth $454,756,000 after purchasing an additional 1,554,746 shares in the last quarter. Point72 Asset Management L.P. increased its position in shares of Iron Mountain by 439.8% during the fourth quarter. Point72 Asset Management L.P. now owns 1,200,660 shares of the financial services provider's stock worth $126,201,000 after purchasing an additional 978,251 shares in the last quarter. Nuveen Asset Management LLC increased its position in shares of Iron Mountain by 39.0% during the fourth quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider's stock worth $267,922,000 after purchasing an additional 715,024 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Iron Mountain by 117.7% during the first quarter. Principal Financial Group Inc. now owns 904,184 shares of the financial services provider's stock valued at $77,796,000 after buying an additional 488,816 shares during the last quarter. Finally, Adelante Capital Management LLC grew its holdings in shares of Iron Mountain by 1,403.5% during the fourth quarter. Adelante Capital Management LLC now owns 445,897 shares of the financial services provider's stock valued at $46,868,000 after buying an additional 416,239 shares during the last quarter. Institutional investors own 80.13% of the company's stock.

Insider Activity

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the stock in a transaction 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total transaction of $612,120.00. Following the transaction, the executive vice president directly owned 91,081 shares in the company, valued at approximately $9,292,083.62. The trade was a 6.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 240,007 shares of company stock worth $23,543,507. 1.90% of the stock is currently owned by insiders.

Iron Mountain Price Performance

NYSE:IRM traded up $0.07 during mid-day trading on Friday, hitting $91.47. The company's stock had a trading volume of 1,159,811 shares, compared to its average volume of 1,454,023. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24. The stock has a market cap of $27.02 billion, a price-to-earnings ratio of 653.40 and a beta of 1.07. The business's fifty day moving average is $98.61 and its two-hundred day moving average is $94.19.

Iron Mountain (NYSE:IRM - Get Free Report) last issued 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. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate 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 revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.08 earnings per share. Analysts anticipate 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. Shareholders of record on Monday, September 15th will be given a $0.785 dividend. The ex-dividend date 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 is 2,242.86%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on IRM. JPMorgan Chase & Co. dropped their price objective on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Barclays boosted their price objective 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 equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $120.00.

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.