Nuveen LLC Acquires Shares of 2,234,200 Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Nuveen LLC acquired 2,234,200 shares of Iron Mountain Incorporated in the first quarter, valued at approximately $192.2 million, making up about 0.76% of the company's stock.
• Insider transactions revealed that several executives, including EVP Greg W. Mcintosh and EVP Mark Kidd, sold portions of their shares, indicating a decrease in their ownership stakes.
• The company recently announced a quarterly dividend of $0.785 per share, resulting in an annualized dividend yield of 3.5%, with a payout ratio of 2,242.86%.

Nuveen LLC purchased a new stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 2,234,200 shares of the financial services provider's stock, valued at approximately $192,231,000. Nuveen LLC owned about 0.76% of Iron Mountain as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in IRM. Aigen Investment Management LP purchased a new position in Iron Mountain in the first quarter valued at $1,988,000. Virtu Financial LLC bought a new position in Iron Mountain during the 1st quarter valued at $490,000. Entropy Technologies LP acquired a new stake in shares of Iron Mountain in the 1st quarter worth about $2,080,000. Invesco Ltd. grew its holdings in Iron Mountain by 14.7% during the first quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider's stock worth $245,124,000 after acquiring an additional 366,134 shares during the period. Finally, Robinson Smith Wealth Advisors LLC boosted its position in Iron Mountain by 31.7% during the 1st quarter. Robinson Smith Wealth Advisors LLC now owns 3,425 shares of the financial services provider's stock worth $295,000 after acquiring an additional 825 shares during the period. 80.13% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Iron Mountain

In other news, EVP Greg W. Mcintosh sold 17,334 shares of the company's stock in a transaction that occurred on 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 sale, the executive vice president owned 35,446 shares in the company, valued at $3,544,600. This represents a 32.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Mark Kidd sold 6,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total value of $612,120.00. Following the completion of the transaction, the executive vice president directly owned 91,081 shares of the company's stock, valued at approximately $9,292,083.62. This trade represents a 6.18% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 240,007 shares of company stock worth $23,543,507. Insiders own 1.90% of the company's stock.

Iron Mountain Price Performance

Iron Mountain stock traded up $0.13 during trading on Friday, reaching $91.53. 763,541 shares of the company were exchanged, compared to its average volume of 1,843,483. The company has a market capitalization of $27.03 billion, a P/E ratio of 653.86 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 stock's 50 day simple moving average is $98.82 and its two-hundred day simple moving average is $94.28.

Iron Mountain (NYSE:IRM - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share 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 company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the business posted $1.08 earnings per share. Iron Mountain's revenue was up 11.6% compared to the same quarter last year. As a group, equities analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be issued a $0.785 dividend. 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 2,242.86%.

Analyst Ratings Changes

IRM has been the subject of several recent research reports. Barclays increased their price target on shares of Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. Wall Street Zen upgraded Iron Mountain from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. Finally, JPMorgan Chase & Co. reduced their price objective on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Iron Mountain presently has a consensus rating of "Buy" and a consensus price target of $120.00.

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.