Korea Investment CORP Acquires 136,228 Shares of Iron Mountain Incorporated $IRM

Key Points

• Korea Investment CORP increased its stake in Iron Mountain by 68.5%, acquiring 136,228 shares to own a total of 335,070 shares worth approximately $28.8 million.
• Insider trading activity includes Director Walter C. Rakowich selling 900 shares and EVP Mark Kidd selling 6,000 shares, indicating a decrease in their personal stakes in the company.
• Iron Mountain's recent quarterly earnings report showed an EPS of $1.24, exceeding analysts' expectations, as the company prepares to issue a $0.785 dividend per share on October 3rd.

Korea Investment CORP lifted its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 68.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 335,070 shares of the financial services provider's stock after acquiring an additional 136,228 shares during the period. Korea Investment CORP owned approximately 0.11% of Iron Mountain worth $28,829,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Nuveen LLC acquired a new stake in Iron Mountain in the 1st quarter worth $192,231,000. Northern Trust Corp raised 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 valued at $454,756,000 after buying an additional 1,554,746 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in shares of Iron Mountain by 439.8% in the fourth quarter. Point72 Asset Management L.P. now owns 1,200,660 shares of the financial services provider's stock valued at $126,201,000 after buying an additional 978,251 shares during the period. Nuveen Asset Management LLC grew its position in 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 buying an additional 715,024 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in 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 acquiring an additional 488,816 shares during the period. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Walter C. Rakowich sold 900 shares of Iron Mountain stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total value of $89,973.00. Following the completion of the transaction, the director directly owned 36,515 shares of the company's stock, valued at $3,650,404.55. The trade was a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Mark Kidd sold 6,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $102.02, for a total transaction of $612,120.00. Following the transaction, the executive vice president owned 91,081 shares in the company, valued at approximately $9,292,083.62. This trade represents a 6.18% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 240,007 shares of company stock worth $23,543,507. 1.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on IRM. JPMorgan Chase & Co. reduced their price objective on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Barclays upped 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. One equities research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $120.00.

Iron Mountain Stock Performance

IRM opened at $91.63 on Wednesday. The firm has a market cap of $27.06 billion, a price-to-earnings ratio of 654.55 and a beta of 1.07. The firm's 50-day simple moving average is $98.21 and its 200-day simple moving average is $94.04. Iron Mountain Incorporated has a twelve month low of $72.33 and a twelve month high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $1.19 by $0.05. The firm 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 revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.08 earnings per share. As a group, sell-side analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Dividend Announcement

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 issued 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 of this dividend is Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) 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.

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