MAI Capital Management Lowers Position in Iron Mountain Incorporated $IRM

Key Points

• MAI Capital Management reduced its holdings in Iron Mountain Incorporated by 30.1% in the first quarter, now owning 8,998 shares valued at $774,000.
• The company reported quarterly earnings of $1.24 per share, surpassing estimates, while revenue reached $1.68 billion.
• Iron Mountain plans to pay a quarterly dividend of $0.785 on October 3rd, reflecting an annual yield of 3.5%.

MAI Capital Management cut its stake in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 30.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,998 shares of the financial services provider's stock after selling 3,872 shares during the quarter. MAI Capital Management's holdings in Iron Mountain were worth $774,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in IRM. Nuveen LLC purchased a new position in Iron Mountain during the first quarter worth about $192,231,000. Point72 Asset Management L.P. grew its position in 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 worth $126,201,000 after acquiring an additional 978,251 shares in the last quarter. Nuveen Asset Management LLC lifted its stake in shares of Iron Mountain by 39.0% in 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 during the last quarter. Principal Financial Group Inc. increased its stake in Iron Mountain by 117.7% in 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. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Iron Mountain during the fourth quarter worth approximately $39,687,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on IRM shares. JPMorgan Chase & Co. reduced their price objective on shares of 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 raised their target price on Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research note on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to MarketBeat, Iron Mountain has an average rating of "Buy" and an average target price of $120.17.

Iron Mountain Stock Down 0.7%

IRM stock traded down $0.65 during midday trading on Monday, reaching $91.53. The company had a trading volume of 838,099 shares, compared to its average volume of 1,785,579. Iron Mountain Incorporated has a fifty-two week low of $72.33 and a fifty-two week high of $130.24. The firm has a market capitalization of $27.03 billion, a PE ratio of 652.44 and a beta of 1.08. The stock has a 50 day moving average price of $95.38 and a 200 day moving average price of $93.23.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.05. The firm had revenue of $1.68 billion for the quarter, compared to analysts' expectations 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 period in the previous year, the company posted $1.08 EPS. Research analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be issued a $0.785 dividend. This represents a $3.14 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Monday, September 15th. Iron Mountain's dividend payout ratio is currently 2,242.86%.

Insider Activity

In related news, EVP Mark Kidd sold 6,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total value of $546,300.00. Following the completion of the transaction, the executive vice president owned 79,081 shares of the company's stock, valued at $7,200,325.05. This represents a 7.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Greg W. Mcintosh sold 17,334 shares of Iron Mountain stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $100.00, for a total transaction of $1,733,400.00. Following the transaction, the executive vice president directly owned 35,446 shares of the company's stock, valued at $3,544,600. This represents a 32.84% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 236,709 shares of company stock worth $22,555,809. Insiders own 1.90% of the company's stock.

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.