Northern Trust Corp Sells 59,152 Shares of Iron Mountain Incorporated $IRM

Key Points

• Northern Trust Corp reduced its holdings in Iron Mountain Incorporated by 1.4%, selling 59,152 shares and maintaining a total of 4,267,324 shares valued at approximately $367 million.
• Insider trading is notable, with CEO William L. Meaney selling 69,125 shares for nearly $6.94 million, while other executives also reduced their stakes significantly.
• Analysts have a mixed outlook, with price targets ranging from $100 to $121, and an overall consensus rating of "Buy" for the stock.

Northern Trust Corp reduced its holdings in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 1.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,267,324 shares of the financial services provider's stock after selling 59,152 shares during the period. Northern Trust Corp owned 1.45% of Iron Mountain worth $367,161,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Brooklyn Investment Group raised its position in shares of Iron Mountain by 15.7% in the 1st quarter. Brooklyn Investment Group now owns 2,954 shares of the financial services provider's stock worth $254,000 after acquiring an additional 401 shares in the last quarter. Algert Global LLC bought a new position in shares of Iron Mountain in the 1st quarter worth about $2,712,000. Steward Partners Investment Advisory LLC raised its position in shares of Iron Mountain by 1.4% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 38,032 shares of the financial services provider's stock worth $3,272,000 after acquiring an additional 513 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Iron Mountain by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,256,417 shares of the financial services provider's stock worth $366,210,000 after acquiring an additional 37,154 shares in the last quarter. Finally, Horizon Investments LLC raised its position in shares of Iron Mountain by 5.0% in the 1st quarter. Horizon Investments LLC now owns 4,215 shares of the financial services provider's stock worth $363,000 after acquiring an additional 202 shares in the last quarter. 80.13% of the stock is owned by institutional investors.

Insider Transactions at Iron Mountain

In related news, Director Walter C. Rakowich sold 900 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total value of $89,973.00. Following the transaction, the director owned 36,515 shares in the company, valued at approximately $3,650,404.55. This represents a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $98.77, for a total value of $6,827,476.25. The disclosure for this sale can be found here. Insiders have sold a total of 231,609 shares of company stock worth $22,736,123 in the last ninety days. Company insiders own 1.90% of the company's stock.

Iron Mountain Stock Performance

IRM traded up $3.1970 during midday trading on Friday, reaching $93.7470. 1,166,349 shares of the company were exchanged, compared to its average volume of 1,513,392. The company's fifty day moving average price is $97.62 and its 200 day moving average price is $93.83. The company has a market cap of $27.69 billion, a price-to-earnings ratio of 669.67 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 issued its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the company posted $1.08 EPS. The company's revenue for the quarter was up 11.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be paid a $0.785 dividend. The ex-dividend date is Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.3%. Iron Mountain's dividend payout ratio is presently 2,242.86%.

Analyst Upgrades and Downgrades

IRM has been the subject of several research reports. 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 note on Thursday, August 7th. Barclays raised their target price on Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $120.17.

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.