Prudential PLC Decreases Position in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Prudential PLC has reduced its stake in Iron Mountain Incorporated by 27.5%, selling 17,532 shares and now holding 46,159 shares valued at approximately $3.97 million.
• Iron Mountain has declared a quarterly dividend of $0.785 per share, with an annualized yield of 3.3%, payable on October 3rd.
• Analyst ratings are generally positive, with one rating as a strong buy and an average price target of $120.00, despite recent price adjustments by some firms.

Prudential PLC reduced its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 27.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 46,159 shares of the financial services provider's stock after selling 17,532 shares during the quarter. Prudential PLC's holdings in Iron Mountain were worth $3,972,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Iron Mountain by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 46,825,734 shares of the financial services provider's stock valued at $4,028,886,000 after acquiring an additional 220,564 shares during the last quarter. Northern Trust Corp grew its holdings in Iron Mountain by 56.1% in the 4th quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider's stock valued at $454,756,000 after buying an additional 1,554,746 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Iron Mountain by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,219,263 shares of the financial services provider's stock worth $443,476,000 after acquiring an additional 15,097 shares during the last quarter. Invesco Ltd. boosted its position in shares of Iron Mountain by 14.7% during the 1st quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider's stock valued at $245,124,000 after acquiring an additional 366,134 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its holdings in shares of Iron Mountain by 39.0% in the fourth quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider's stock valued at $267,922,000 after purchasing an additional 715,024 shares during the period. Hedge funds and other institutional investors own 80.13% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on IRM shares. Barclays boosted their target price on shares of Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. JPMorgan Chase & Co. lowered their price objective on 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 analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Iron Mountain has a consensus rating of "Buy" and a consensus price target of $120.00.

Insider Buying and Selling

In other news, EVP Greg W. Mcintosh sold 17,334 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $100.00, for a total transaction of $1,733,400.00. Following the transaction, the executive vice president directly owned 35,446 shares in the company, valued at $3,544,600. The trade was a 32.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $94.55, for a total transaction of $6,535,768.75. The disclosure for this sale can be found here. Insiders have sold 240,007 shares of company stock worth $23,543,507 over the last three months. 1.90% of the stock is owned by company insiders.

Iron Mountain Stock Performance

Shares of NYSE IRM traded up $0.07 during trading on Friday, reaching $91.47. The stock had a trading volume of 1,159,811 shares, compared to its average volume of 1,454,023. Iron Mountain Incorporated has a fifty-two week low of $72.33 and a fifty-two week high of $130.24. The business's 50-day moving average price is $98.61 and its 200-day moving average price is $94.19. The company has a market cap of $27.02 billion, a P/E ratio of 653.40 and a beta of 1.07.

Iron Mountain (NYSE:IRM - Get Free Report) last announced 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. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.68 billion. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The firm's revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.08 earnings per share. Analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Dividend Announcement

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

Iron Mountain 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.