National Bank of Canada FI Acquires 88,058 Shares of Iron Mountain Incorporated (NYSE:IRM)

Key Points

• National Bank of Canada FI increased its stake in Iron Mountain Incorporated by 58.1%, acquiring an additional 88,058 shares during the first quarter, bringing its total ownership to approximately 239,676 shares worth $20.62 million.
• Iron Mountain reported a $1.24 EPS for the last quarter, surpassing estimates of $1.19 EPS and showing an 11.6% year-over-year revenue increase to $1.68 billion.
• The company also declared a quarterly dividend of $0.785 per share, representing a 3.5% dividend yield, with a record date set for September 15th.

National Bank of Canada FI grew its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 58.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 239,676 shares of the financial services provider's stock after purchasing an additional 88,058 shares during the period. National Bank of Canada FI owned 0.08% of Iron Mountain worth $20,622,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of IRM. Cranbrook Wealth Management LLC acquired a new stake in shares of Iron Mountain during the first quarter worth $26,000. Golden State Wealth Management LLC acquired a new stake in shares of Iron Mountain in the 1st quarter worth about $30,000. Ramirez Asset Management Inc. acquired a new stake in shares of Iron Mountain in the 1st quarter worth about $34,000. Wayfinding Financial LLC acquired a new stake in shares of Iron Mountain in the 1st quarter worth about $37,000. Finally, Franchise Capital Ltd acquired a new stake in shares of Iron Mountain in the 1st quarter worth about $39,000. 80.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Iron Mountain

In other news, Director Walter C. Rakowich sold 900 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total transaction of $89,973.00. Following the completion of the transaction, the director owned 36,515 shares in the company, valued at approximately $3,650,404.55. This trade represents a 2.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $100.36, for a total transaction of $6,937,385.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 240,007 shares of company stock worth $23,543,507. Company insiders own 1.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. 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 shares of Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, May 27th. Finally, 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. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong 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 Trading Down 2.6%

IRM traded down $2.45 on Thursday, reaching $91.52. The company had a trading volume of 1,100,474 shares, compared to its average volume of 1,847,604. The company has a fifty day moving average of $99.02 and a 200-day moving average of $94.36. The company has a market capitalization of $27.03 billion, a P/E ratio of 653.76 and a beta of 1.07. Iron Mountain Incorporated has a one year low of $72.33 and a one year high of $130.24.

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

Iron Mountain Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be given a dividend of $0.785 per share. The ex-dividend date is Monday, September 15th. This represents a $3.14 annualized dividend and a dividend yield of 3.4%. Iron Mountain's dividend payout ratio (DPR) is 2,242.86%.

Iron Mountain 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.