Rafferty Asset Management LLC Decreases Position in Iron Mountain Incorporated $IRM

Key Points

• Rafferty Asset Management LLC has reduced its stake in Iron Mountain Incorporated by 17% during the first quarter, now holding 32,029 shares worth approximately $2.76 million.
• Iron Mountain reported $1.24 earnings per share for the latest quarter, exceeding expectations and reflecting an 11.6% year-over-year revenue growth.
• A quarterly dividend of $0.785 per share has been declared, which translates to an annualized yield of 3.4%, with a significant payout ratio of 2,242.86%.

Rafferty Asset Management LLC lessened its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 17.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 32,029 shares of the financial services provider's stock after selling 6,579 shares during the period. Rafferty Asset Management LLC's holdings in Iron Mountain were worth $2,756,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of IRM. Cranbrook Wealth Management LLC purchased a new stake in Iron Mountain during the first quarter valued at approximately $26,000. Financial Network Wealth Advisors LLC purchased a new stake in Iron Mountain during the first quarter valued at approximately $26,000. Golden State Wealth Management LLC purchased a new stake in Iron Mountain during the first quarter valued at approximately $30,000. Ramirez Asset Management Inc. purchased a new stake in Iron Mountain during the first quarter valued at approximately $34,000. Finally, Wayfinding Financial LLC purchased a new stake in Iron Mountain during the first quarter valued at approximately $37,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Barclays increased their target price 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. JPMorgan Chase & Co. cut their price target on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat, Iron Mountain currently has an average rating of "Buy" and a consensus price target of $120.17.

Insiders Place Their Bets

In related news, EVP Mark Kidd sold 6,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $102.02, for a total transaction of $612,120.00. Following the completion of the sale, the executive vice president owned 91,081 shares in the company, valued at $9,292,083.62. The trade was a 6.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Greg W. Mcintosh sold 17,334 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $100.00, for a total value of $1,733,400.00. Following the sale, the executive vice president owned 35,446 shares of the company's stock, valued at approximately $3,544,600. The trade was a 32.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold 161,584 shares of company stock valued at $15,818,674 in the last ninety days. Insiders own 1.90% of the company's stock.

Iron Mountain Price Performance

Shares of NYSE:IRM traded down $0.04 during midday trading on Wednesday, hitting $89.43. The company had a trading volume of 1,149,464 shares, compared to its average volume of 1,792,825. Iron Mountain Incorporated has a twelve month low of $72.33 and a twelve month high of $130.24. The stock has a market cap of $26.41 billion, a price-to-earnings ratio of 639.05 and a beta of 1.08. The business's 50-day simple moving average is $96.05 and its 200-day simple moving average is $93.30.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.05. The company had revenue of $1.68 billion during 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 firm's quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.08 earnings per share. As a group, sell-side analysts forecast that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Monday, September 15th. Iron Mountain's dividend payout ratio (DPR) is presently 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.