Price T Rowe Associates Inc. MD Sells 53,135 Shares of Iron Mountain Incorporated $IRM

Key Points

• Price T Rowe Associates Inc. MD has reduced its stake in Iron Mountain Incorporated by 6.1%, selling 53,135 shares during the 1st quarter, leaving them with 824,103 shares valued at approximately $70.9 million.
• Insiders have been actively selling Iron Mountain stock, with EVP Greg W. Mcintosh selling 17,334 shares for over $1.7 million, marking a significant decrease in his holdings by 32.84%.
• Iron Mountain announced a quarterly dividend of $0.785 per share, representing an annualized yield of 3.4% and a very high payout ratio of 2,242.86%.

Price T Rowe Associates Inc. MD cut its position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 6.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 824,103 shares of the financial services provider's stock after selling 53,135 shares during the period. Price T Rowe Associates Inc. MD owned approximately 0.28% of Iron Mountain worth $70,906,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Cranbrook Wealth Management LLC purchased a new position in shares of Iron Mountain during the 1st quarter worth about $26,000. Financial Network Wealth Advisors LLC purchased a new position in shares of Iron Mountain during the 1st quarter worth about $26,000. Golden State Wealth Management LLC purchased a new position in shares of Iron Mountain during the 1st quarter worth about $30,000. Ramirez Asset Management Inc. purchased a new position in shares of Iron Mountain during the 1st quarter worth about $34,000. Finally, Wayfinding Financial LLC purchased a new position in shares of Iron Mountain during the 1st quarter worth about $37,000. 80.13% of the stock is owned by hedge funds and other institutional investors.

Iron Mountain Price Performance

Shares of NYSE:IRM traded up $0.13 during trading hours on Thursday, hitting $92.00. The company's stock had a trading volume of 725,251 shares, compared to its average volume of 1,561,614. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24. The company has a market capitalization of $27.17 billion, a price-to-earnings ratio of 657.19 and a beta of 1.07. The firm's fifty day moving average price is $96.76 and its 200 day moving average price is $93.52.

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 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 business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the business posted $1.08 EPS. The company's quarterly revenue was up 11.6% compared to the same quarter last year. On average, equities research analysts predict that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Dividend Announcement

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 issued a $0.785 dividend. The ex-dividend date is Monday, September 15th. This represents a $3.14 annualized dividend and a dividend yield of 3.4%. Iron Mountain's payout ratio is currently 2,242.86%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on IRM shares. JPMorgan Chase & Co. dropped 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 note on Thursday, August 7th. Barclays boosted their price objective on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a research report on Wednesday, August 20th. One equities 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.com, the stock currently has an average rating of "Buy" and an average target price of $120.17.

Insider Buying and Selling at Iron Mountain

In related news, CEO William L. Meaney sold 69,125 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $94.55, for a total transaction of $6,535,768.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Walter C. Rakowich sold 900 shares of the business'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 transaction of $89,973.00. Following the transaction, the director owned 36,515 shares of the company's stock, valued at approximately $3,650,404.55. This trade represents a 2.41% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 231,609 shares of company stock worth $22,736,123. 1.90% of the stock is owned by company insiders.

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.