Oliver Luxxe Assets LLC Sells 49,469 Shares of Iron Mountain Incorporated $IRM

Key Points

• Oliver Luxxe Assets LLC dramatically reduced its stake in Iron Mountain by 96.1%, selling 49,469 shares and retaining only 2,000 shares, valued at approximately $205,000.
• CEO William L. Meaney sold 69,125 shares of Iron Mountain stock for over $6 million, while other executives also sold shares recently, indicating significant insider trading activity.
• Iron Mountain announced a quarterly dividend of $0.785, reflecting an annualized yield of 3.0%, with a payout ratio of 2,242.86% as per its recent financial disclosures.

Oliver Luxxe Assets LLC lessened its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 96.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,000 shares of the financial services provider's stock after selling 49,469 shares during the period. Oliver Luxxe Assets LLC's holdings in Iron Mountain were worth $205,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IRM. Nuveen LLC bought a new position in Iron Mountain during the 1st quarter valued at approximately $192,231,000. Contour Asset Management LLC purchased a new stake in Iron Mountain during the 1st quarter valued at $122,801,000. Goldman Sachs Group Inc. boosted its stake in Iron Mountain by 86.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,974,922 shares of the financial services provider's stock valued at $169,922,000 after purchasing an additional 913,715 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Iron Mountain by 117.7% during the 1st quarter. Principal Financial Group Inc. now owns 904,184 shares of the financial services provider's stock valued at $77,796,000 after purchasing an additional 488,816 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Iron Mountain during the 4th quarter valued at $39,687,000. Institutional investors own 80.13% of the company's stock.

Insider Transactions at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $89.56, for a total value of $6,190,835.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total value of $546,300.00. Following the completion of the sale, the executive vice president directly owned 79,081 shares in the company, valued at $7,200,325.05. This trade represents a 7.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 236,709 shares of company stock valued at $22,555,809. 1.90% of the stock is owned by company insiders.

Iron Mountain Stock Up 4.5%

NYSE:IRM opened at $104.42 on Tuesday. The business's 50-day simple moving average is $95.10 and its two-hundred day simple moving average is $93.92. The stock has a market cap of $30.84 billion, a PE ratio of 745.87 and a beta of 1.08. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $1.19 by $0.05. The business had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.68 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The business's quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the firm earned $1.08 earnings per share. Sell-side analysts anticipate 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. Stockholders of record on Monday, September 15th will be issued a $0.785 dividend. This represents a $3.14 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, September 15th. Iron Mountain's payout ratio is 2,242.86%.

Analyst Ratings Changes

Several brokerages have commented on IRM. JPMorgan Chase & Co. cut their target price on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Barclays increased 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, August 20th. Finally, Jefferies Financial Group assumed coverage on Iron Mountain in a research note on Monday. They set a "buy" rating and a $120.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $116.83.

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.

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