TD Asset Management Inc Cuts Stake in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• TD Asset Management Inc significantly reduced its stake in Iron Mountain by 90.1%, ending with a position worth $16.69 million after selling over 1.7 million shares.
• Iron Mountain reported earnings per share (EPS) of $1.17 for the last quarter, surpassing expectations by $0.01, with a revenue of $1.59 billion.
• The firm's dividend yield stands at 3.20% with an annualized dividend of $3.14, although its payout ratio is notably high at 765.85%.

TD Asset Management Inc trimmed its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 90.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 194,024 shares of the financial services provider's stock after selling 1,758,408 shares during the period. TD Asset Management Inc owned approximately 0.07% of Iron Mountain worth $16,694,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of IRM. Whittier Trust Co. grew its position in Iron Mountain by 3.4% in the first quarter. Whittier Trust Co. now owns 3,265 shares of the financial services provider's stock valued at $281,000 after purchasing an additional 108 shares in the last quarter. Belpointe Asset Management LLC grew its position in Iron Mountain by 1.6% in the fourth quarter. Belpointe Asset Management LLC now owns 7,250 shares of the financial services provider's stock valued at $821,000 after purchasing an additional 112 shares in the last quarter. DoubleLine ETF Adviser LP grew its position in Iron Mountain by 0.5% in the fourth quarter. DoubleLine ETF Adviser LP now owns 21,064 shares of the financial services provider's stock valued at $2,214,000 after purchasing an additional 114 shares in the last quarter. Stratos Wealth Partners LTD. lifted its stake in Iron Mountain by 3.7% in the first quarter. Stratos Wealth Partners LTD. now owns 3,312 shares of the financial services provider's stock valued at $285,000 after acquiring an additional 118 shares during the last quarter. Finally, Diversify Advisory Services LLC lifted its stake in Iron Mountain by 1.9% in the first quarter. Diversify Advisory Services LLC now owns 6,480 shares of the financial services provider's stock valued at $572,000 after acquiring an additional 123 shares during the last quarter. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on IRM. Truist Financial began coverage on shares of Iron Mountain in a research note on Tuesday, April 8th. They set a "buy" rating and a $95.00 target price for the company. Wall Street Zen raised shares of Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. Finally, Barclays raised their price target on shares of Iron Mountain from $118.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Iron Mountain currently has an average rating of "Buy" and a consensus price target of $121.71.

Insider Buying and Selling at Iron Mountain

In related news, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction that occurred 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 sale, the executive vice president directly owned 91,081 shares in the company, valued at $9,292,083.62. This trade represents a 6.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $100.36, for a total transaction of $6,937,385.00. The disclosure for this sale can be found here. Insiders have sold 170,882 shares of company stock valued at $17,007,738 in the last quarter. 1.90% of the stock is currently owned by corporate insiders.

Iron Mountain Stock Performance

Shares of Iron Mountain stock traded down $3.28 during midday trading on Friday, hitting $94.08. 1,500,940 shares of the company traded hands, compared to its average volume of 968,117. The stock has a market cap of $27.76 billion, a price-to-earnings ratio of 229.46 and a beta of 1.07. The firm's fifty day moving average price is $99.98 and its 200-day moving average price is $95.32. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.01. Iron Mountain had a net margin of 1.97% and a negative return on equity of 201.62%. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.59 billion. During the same period in the previous year, the firm posted $1.10 EPS. The firm's revenue was up 7.9% on a year-over-year basis. Equities research analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

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.