Public Sector Pension Investment Board Sells 146,639 Shares of Iron Mountain Incorporated $IRM

Key Points

• Public Sector Pension Investment Board reduced its stake in Iron Mountain by 65.1%, holding 78,542 shares valued at approximately $6.76 million after selling 146,639 shares in the first quarter.
• Insider transactions show that executives sold a significant number of shares, with one EVP selling 6,000 shares at $102.02 and another selling 17,334 shares at $100.00, indicating substantial insider movement.
• Iron Mountain recently reported earnings that surpassed expectations, with an EPS of $1.24 for the quarter, and announced a quarterly dividend of $0.785, representing an annual yield of 3.4%.

Public Sector Pension Investment Board trimmed its position in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 65.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 78,542 shares of the financial services provider's stock after selling 146,639 shares during the period. Public Sector Pension Investment Board's holdings in Iron Mountain were worth $6,758,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of IRM. Cranbrook Wealth Management LLC bought a new position in shares of Iron Mountain in the 1st quarter valued at $26,000. Golden State Wealth Management LLC bought a new position in shares of Iron Mountain in the 1st quarter valued at $30,000. Ramirez Asset Management Inc. bought a new position in shares of Iron Mountain in the 1st quarter valued at $34,000. Wayfinding Financial LLC bought a new position in Iron Mountain during the 1st quarter worth $37,000. Finally, Franchise Capital Ltd bought a new position in Iron Mountain during the 1st quarter worth $39,000. 80.13% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Mark Kidd sold 6,000 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total transaction of $612,120.00. Following the transaction, the executive vice president directly owned 91,081 shares of the company's stock, valued at $9,292,083.62. This represents a 6.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Walter C. Rakowich sold 900 shares of the stock in a transaction 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 directly 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 disclosure for this sale can be found here. In the last three months, insiders have sold 240,007 shares of company stock valued at $23,543,507. Company insiders own 1.90% of the company's stock.

Wall Street Analysts Forecast Growth

IRM has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their target price 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. Barclays raised their target price on Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. According to MarketBeat.com, Iron Mountain has an average rating of "Buy" and an average price target of $120.00.

Iron Mountain Stock Performance

Shares of IRM stock traded up $0.89 during mid-day trading on Tuesday, hitting $91.63. The company's stock had a trading volume of 1,268,736 shares, compared to its average volume of 1,837,240. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24. The company's fifty day simple moving average is $98.40 and its 200-day simple moving average is $94.06. The company has a market cap of $27.06 billion, a PE ratio of 654.55 and a beta of 1.07.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.05. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.68 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The firm's revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.08 earnings per share. On average, equities analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The firm also recently announced 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. This represents a $3.14 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Monday, September 15th. Iron Mountain's payout ratio is presently 2,242.86%.

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.