National Pension Service Increases Stake in Iron Mountain Incorporated $IRM

Key Points

• The National Pension Service increased its stake in Iron Mountain Incorporated by 17.4%, acquiring 70,108 shares, bringing its total ownership to 472,921 shares valued at approximately $40.69 million.
• Several institutional investors are actively increasing their investments in Iron Mountain, with notable increases from companies like Nuveen LLC and Point72 Asset Management.
• Iron Mountain recently declared a quarterly dividend of $0.785, reflecting an annualized dividend of $3.14 and a dividend yield of 3.4%, with the ex-dividend date set for September 15th.

National Pension Service lifted its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 17.4% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 472,921 shares of the financial services provider's stock after acquiring an additional 70,108 shares during the period. National Pension Service owned approximately 0.16% of Iron Mountain worth $40,690,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of IRM. Cranbrook Wealth Management LLC purchased a new stake in Iron Mountain in the 1st quarter worth $26,000. Golden State Wealth Management LLC purchased a new stake in Iron Mountain in the 1st quarter worth $30,000. Ramirez Asset Management Inc. purchased a new stake in Iron Mountain in the 1st quarter worth $34,000. Wayfinding Financial LLC purchased a new stake in Iron Mountain in the 1st quarter worth $37,000. Finally, Franchise Capital Ltd purchased a new stake in Iron Mountain in the 1st quarter worth $39,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Iron Mountain Stock Performance

Shares of NYSE IRM traded down $0.54 during mid-day trading on Wednesday, reaching $91.02. 544,637 shares of the company's stock were exchanged, compared to its average volume of 1,828,951. The firm has a market capitalization of $26.88 billion, a price-to-earnings ratio of 649.92 and a beta of 1.07. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24. The company's 50-day moving average is $98.21 and its 200-day moving average is $94.04.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the company earned $1.08 EPS. Iron Mountain's revenue was up 11.6% on a year-over-year basis. As a group, equities analysts predict 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 will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be paid a dividend of $0.785 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.4%. Iron Mountain's dividend payout ratio is presently 2,242.86%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on IRM shares. Barclays boosted their price target on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a report on Wednesday. JPMorgan Chase & Co. dropped their target price on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $120.17.

Insider Transactions at Iron Mountain

In related news, EVP Mark Kidd sold 6,000 shares of the 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 of the company's stock, valued at approximately $9,292,083.62. This represents a 6.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction dated Tuesday, July 1st. The shares were 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 sold a total of 240,007 shares of company stock worth $23,543,507 in the last 90 days. 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.