Russell Investments Group Ltd. Lowers Stake in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Russell Investments Group Ltd. reduced its stake in Iron Mountain by 4.6% in the first quarter, selling 84,718 shares and bringing its total ownership to approximately 1.77 million shares, valued at $152.3 million.
• Iron Mountain reported a quarterly earnings per share of $1.24, exceeding the consensus estimate of $1.19, while its revenue matched expectations at $1.68 billion.
• The company announced a quarterly dividend of $0.785 to be paid on October 3rd, representing an annualized yield of 3.5% and a substantial dividend payout ratio of 2,242.86%.

Russell Investments Group Ltd. lowered its position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 4.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,771,114 shares of the financial services provider's stock after selling 84,718 shares during the period. Russell Investments Group Ltd. owned 0.60% of Iron Mountain worth $152,319,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of IRM. Cranbrook Wealth Management LLC bought a new stake in Iron Mountain during the first quarter valued at approximately $26,000. Golden State Wealth Management LLC bought a new stake in Iron Mountain during the first quarter valued at approximately $30,000. Ramirez Asset Management Inc. bought a new stake in shares of Iron Mountain in the 1st quarter worth approximately $34,000. Wayfinding Financial LLC bought a new stake in shares of Iron Mountain in the 1st quarter worth approximately $37,000. Finally, Franchise Capital Ltd bought a new stake in shares of Iron Mountain in the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Iron Mountain Stock Down 2.6%

IRM traded down $2.45 during midday trading on Thursday, hitting $91.52. 1,508,684 shares of the company traded hands, compared to its average volume of 1,851,247. The firm has a market capitalization of $27.03 billion, a PE ratio of 653.76 and a beta of 1.07. The company's 50-day moving average is $99.02 and its 200 day moving average is $94.36. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, topping 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 firm had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the prior year, the business earned $1.08 EPS. The business's quarterly revenue was up 11.6% on a year-over-year basis. On average, sell-side analysts predict that Iron Mountain Incorporated will post 4.54 earnings per share for the current fiscal year.

Iron Mountain Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be paid a dividend of $0.785 per share. The ex-dividend date is Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a yield of 3.4%. Iron Mountain's dividend payout ratio (DPR) is presently 2,242.86%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on IRM. JPMorgan Chase & Co. lowered their price objective on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Barclays boosted their price objective on shares of Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, May 27th. Finally, Wall Street Zen upgraded shares of Iron Mountain from a "sell" rating to a "hold" rating in a report on Friday, April 18th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $120.00.

Insider Activity

In other Iron Mountain news, Director Walter C. Rakowich sold 900 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total transaction of $89,973.00. Following the completion of the sale, the director directly owned 36,515 shares of the company's stock, valued at $3,650,404.55. This trade represents a 2.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William L. Meaney sold 69,125 shares of the 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 disclosure for this sale can be found here. Insiders have sold a total of 240,007 shares of company stock worth $23,543,507 in the last quarter. 1.90% of the stock is currently owned by 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.