Nippon Life Global Investors Americas Inc. Trims Stock Position in Iron Mountain Incorporated $IRM

Key Points

• Nippon Life Global Investors Americas Inc. reduced its stake in Iron Mountain by 49.9%, owning 58,610 shares worth $5,084,000 after selling 58,390 shares in the first quarter.
• Iron Mountain reported earnings of $1.24 per share for the last quarter, exceeding analysts' expectations, with revenue showing an 11.6% increase year-over-year.
• The company announced a quarterly dividend of $0.785 per share, reflecting an annualized yield of 3.4% and a high dividend payout ratio of 2,242.86%.

Nippon Life Global Investors Americas Inc. trimmed its position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 49.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 58,610 shares of the financial services provider's stock after selling 58,390 shares during the quarter. Nippon Life Global Investors Americas Inc.'s holdings in Iron Mountain were worth $5,084,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. Cranbrook Wealth Management LLC purchased a new stake in Iron Mountain during the 1st quarter valued at $26,000. Financial Network Wealth Advisors LLC bought a new stake in Iron Mountain in the 1st quarter valued at $26,000. Golden State Wealth Management LLC bought a new stake in Iron Mountain in the 1st quarter valued at $30,000. Ramirez Asset Management Inc. purchased a new stake in shares of Iron Mountain during the 1st quarter valued at about $34,000. Finally, Wayfinding Financial LLC purchased a new stake in shares of Iron Mountain during the 1st quarter valued at about $37,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Iron Mountain Price Performance

IRM stock traded up $0.14 during midday trading on Monday, hitting $92.32. 1,572,599 shares of the stock traded hands, compared to its average volume of 1,174,613. The firm has a market cap of $27.27 billion, a P/E ratio of 659.49 and a beta of 1.08. The stock's fifty day simple moving average is $95.18 and its 200-day simple moving average is $93.24. Iron Mountain Incorporated has a 1-year low of $72.33 and a 1-year high of $130.24.

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

Iron Mountain Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages recently commented on IRM. Barclays upped their price target on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a report on Wednesday, August 20th. JPMorgan Chase & Co. lowered their price target 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. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $120.17.

Insider Buying and Selling at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $89.56, for a total value of $6,190,835.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Greg W. Mcintosh sold 17,334 shares of the firm's stock in a transaction dated 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 completion of the transaction, the executive vice president directly owned 35,446 shares in the company, valued at approximately $3,544,600. This represents a 32.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 236,709 shares of company stock valued at $22,555,809. Corporate insiders own 1.90% of the company's stock.

Iron Mountain Company 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.