KLP Kapitalforvaltning AS Buys 4,100 Shares of Iron Mountain Incorporated $IRM

Key Points

• KLP Kapitalforvaltning AS increased its stake in Iron Mountain Incorporated by 4.1%, acquiring an additional 4,100 shares, bringing its total ownership to 103,016 shares valued at $10.63 million.
• Iron Mountain recently reported earnings of $1.24 EPS for the quarter, surpassing estimates, while revenue rose 11.6% year-over-year to $1.68 billion.
• The company declared a quarterly dividend of $0.785 per share, with a dividend yield of 3.0%, but a high payout ratio of 2,242.86%.

KLP Kapitalforvaltning AS grew its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 4.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 103,016 shares of the financial services provider's stock after acquiring an additional 4,100 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Iron Mountain were worth $10,635,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Iron Mountain by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 46,825,734 shares of the financial services provider's stock worth $4,028,886,000 after purchasing an additional 220,564 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Iron Mountain by 0.9% during the first quarter. Dimensional Fund Advisors LP now owns 4,256,417 shares of the financial services provider's stock worth $366,210,000 after acquiring an additional 37,154 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Iron Mountain by 14.7% during the first quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider's stock worth $245,124,000 after acquiring an additional 366,134 shares during the period. Nuveen LLC acquired a new stake in shares of Iron Mountain during the first quarter worth $192,231,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Iron Mountain by 17.8% during the first quarter. JPMorgan Chase & Co. now owns 2,061,560 shares of the financial services provider's stock worth $177,377,000 after acquiring an additional 311,494 shares during the period. 80.13% of the stock is owned by institutional investors.

Insider Activity at Iron Mountain

In related news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $94.55, for a total value of $6,535,768.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $102.34, for a total transaction of $7,074,252.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 213,375 shares of company stock valued at $20,347,156. 1.90% of the stock is owned by corporate insiders.

Iron Mountain Stock Down 0.4%

NYSE:IRM opened at $105.00 on Friday. Iron Mountain Incorporated has a twelve month low of $72.33 and a twelve month high of $130.24. The business has a 50 day moving average price of $96.33 and a two-hundred day moving average price of $95.28. The company has a market cap of $31.01 billion, a P/E ratio of 750.05 and a beta of 1.06.

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

Iron Mountain Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Investors of record on Monday, September 15th were paid a $0.785 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $3.14 annualized dividend and a dividend yield of 3.0%. Iron Mountain's dividend payout ratio (DPR) is currently 2,242.86%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. 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. Weiss Ratings restated a "hold (c)" rating on shares of Iron Mountain in a report on Wednesday. Barclays raised their price objective on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a report on Wednesday, August 20th. Finally, Jefferies Financial Group started coverage on Iron Mountain in a research report on Monday, September 22nd. They set a "buy" rating and a $120.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Iron Mountain has a consensus rating of "Buy" and an average price target of $116.83.

About Iron Mountain

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.