Mitsubishi UFJ Asset Management Co. Ltd. Acquires 59,805 Shares of Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Mitsubishi UFJ Asset Management increased its ownership of Iron Mountain Incorporated by 9.1%, acquiring an additional 59,805 shares this quarter, bringing its total to 717,248 shares worth approximately $61.7 million.
• Recent analyst reports saw Barclays raise Iron Mountain's target price from $118.00 to $121.00, while JPMorgan Chase reduced their target from $112.00 to $100.00, indicating varied confidence among analysts.
• Iron Mountain declared a quarterly dividend of $0.785 per share to be paid on October 3rd, reflecting an annualized yield of 3.5% and a significantly high dividend payout ratio of 2,242.86%.

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 9.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 717,248 shares of the financial services provider's stock after buying an additional 59,805 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.24% of Iron Mountain worth $61,712,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Cranbrook Wealth Management LLC purchased a new position in shares of Iron Mountain in the first quarter valued at $26,000. Golden State Wealth Management LLC bought a new position in Iron Mountain in the 1st quarter worth about $30,000. Ramirez Asset Management Inc. purchased a new position in Iron Mountain during the 1st quarter valued at about $34,000. Wayfinding Financial LLC bought a new stake in shares of Iron Mountain during the first quarter valued at about $37,000. Finally, Franchise Capital Ltd purchased a new stake in shares of Iron Mountain in the first quarter worth about $39,000. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Iron Mountain Stock Down 0.5%

NYSE:IRM traded down $0.49 during midday trading on Monday, hitting $89.67. The company had a trading volume of 1,306,314 shares, compared to its average volume of 1,401,185. The stock's fifty day moving average price is $99.49 and its 200-day moving average price is $94.53. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24. The company has a market capitalization of $26.48 billion, a PE ratio of 49.27 and a beta of 1.07.

Iron Mountain (NYSE:IRM - Get Free Report) last announced 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. The firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.68 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%. The company's revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.08 EPS. As a group, research analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be given a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is presently 2,242.86%.

Insider Buying and Selling at Iron Mountain

In other Iron Mountain news, EVP Mark Kidd sold 6,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total transaction of $612,120.00. Following the completion of the sale, the executive vice president directly owned 91,081 shares in the company, valued at $9,292,083.62. This represents a 6.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $100.36, for a total value of $6,937,385.00. The disclosure for this sale can be found here. Insiders have sold 240,007 shares of company stock worth $23,543,507 in the last 90 days. 1.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on IRM shares. Wall Street Zen raised shares of Iron Mountain from a "sell" rating to a "hold" rating in a report on Friday, April 18th. Barclays increased their price objective on Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. Finally, JPMorgan Chase & Co. reduced their target price on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday. One 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 stock. Based on data from MarketBeat.com, Iron Mountain presently has an average rating of "Buy" and a consensus target price of $120.00.

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.