Iron Mountain Incorporated (NYSE:IRM) Shares Purchased by Neo Ivy Capital Management

Key Points

• Neo Ivy Capital Management significantly increased its stake in Iron Mountain Incorporated by 738.9%, now owning 6,468 shares valued at $557,000.
• Insiders at Iron Mountain sold a total of 240,007 shares in the last quarter, including a notable sale by CEO William L. Meaney.
• The company announced a quarterly dividend of $0.785 per share, reflecting an annualized yield of 3.16%.

Neo Ivy Capital Management lifted its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 738.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,468 shares of the financial services provider's stock after buying an additional 5,697 shares during the period. Neo Ivy Capital Management's holdings in Iron Mountain were worth $557,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Cranbrook Wealth Management LLC purchased a new stake in Iron Mountain during the 1st quarter valued at $26,000. Golden State Wealth Management LLC purchased a new position in shares of Iron Mountain in the first quarter worth approximately $30,000. Wayfinding Financial LLC purchased a new stake in Iron Mountain during the first quarter valued at approximately $37,000. Franchise Capital Ltd purchased a new position in shares of Iron Mountain during the 1st quarter worth $39,000. Finally, Crewe Advisors LLC increased its stake in shares of Iron Mountain by 10,000.0% in the 1st quarter. Crewe Advisors LLC now owns 505 shares of the financial services provider's stock worth $43,000 after purchasing an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 80.13% of the company's stock.

Insider Transactions at Iron Mountain

In other news, Director Walter C. Rakowich sold 900 shares of the firm's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total transaction of $89,973.00. Following 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 in the company, valued at approximately $9,292,083.62. The trade was a 6.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 240,007 shares of company stock valued at $23,649,959. Company insiders own 1.90% of the company's stock.

Iron Mountain Stock Down 0.6%

NYSE IRM traded down $0.57 during trading on Wednesday, hitting $98.85. 136,616 shares of the stock traded hands, compared to its average volume of 1,837,315. The company has a market capitalization of $29.16 billion, a P/E ratio of 241.10 and a beta of 1.08. The firm has a 50-day simple moving average of $99.96 and a 200-day simple moving average of $95.41. Iron Mountain Incorporated has a 12-month low of $72.33 and a 12-month high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its earnings results on Thursday, May 1st. The financial services provider reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.01. Iron Mountain had a net margin of 1.97% and a negative return on equity of 201.62%. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter in the prior year, the firm posted $1.10 earnings per share. The business's revenue for the quarter was up 7.9% on a year-over-year basis. As a group, research analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Monday, June 16th were issued a $0.785 dividend. The ex-dividend date was Monday, June 16th. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.18%. Iron Mountain's payout ratio is 765.85%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on IRM shares. Barclays lifted their price objective on Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, May 27th. Truist Financial assumed coverage on shares of Iron Mountain in a report on Tuesday, April 8th. They issued a "buy" rating and a $95.00 target price for the company. Finally, Wall Street Zen raised Iron Mountain from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $121.71.

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.