Quantbot Technologies LP Lowers Position in Iron Mountain Incorporated $IRM

Key Points

• Quantbot Technologies LP reduced its stake in Iron Mountain Incorporated by 49.7%, selling 22,844 shares and retaining 23,078 shares worth approximately $1.986 million.
• In the first quarter, several other institutional investors also initiated positions in Iron Mountain, contributing to a total institutional ownership of 80.13%.
• Iron Mountain announced a quarterly dividend of $0.785 per share, translating to an annual yield of 3.5%, with the dividend payout ratio at a high 2,242.86%.

Quantbot Technologies LP decreased its position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 49.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 23,078 shares of the financial services provider's stock after selling 22,844 shares during the quarter. Quantbot Technologies LP's holdings in Iron Mountain were worth $1,986,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in Iron Mountain during the first quarter valued at about $192,231,000. Northern Trust Corp lifted its holdings in Iron Mountain by 56.1% during the fourth quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider's stock valued at $454,756,000 after purchasing an additional 1,554,746 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in Iron Mountain by 439.8% during the fourth quarter. Point72 Asset Management L.P. now owns 1,200,660 shares of the financial services provider's stock valued at $126,201,000 after purchasing an additional 978,251 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in Iron Mountain by 39.0% during 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 last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Iron Mountain by 117.7% during the first 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. 80.13% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $94.55, for a total value of $6,535,768.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark Kidd sold 6,000 shares of the firm'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 sale, the executive vice president directly owned 91,081 shares in the company, valued at approximately $9,292,083.62. The trade was a 6.18% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 231,609 shares of company stock worth $22,736,123. 1.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have commented on IRM shares. Barclays upped their price objective on shares of Iron Mountain from $121.00 to $122.00 and gave the company an "overweight" rating in a report on Wednesday. JPMorgan Chase & Co. cut their target price on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $120.17.

Iron Mountain Stock Performance

NYSE IRM traded up $3.1970 during trading hours on Friday, hitting $93.7470. The company had a trading volume of 1,166,349 shares, compared to its average volume of 1,538,975. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24. The firm has a 50 day simple moving average of $97.62 and a 200 day simple moving average of $93.74. The firm has a market capitalization of $27.69 billion, a price-to-earnings ratio of 669.67 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 EPS 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 business 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 company earned $1.08 EPS. The firm's revenue was up 11.6% compared to the same quarter last year. On average, research analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The firm 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 dividend yield of 3.3%. Iron Mountain's dividend payout ratio (DPR) 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.