TD Asset Management Inc Sells 14,036 Shares of Iron Mountain Incorporated $IRM

Key Points

• TD Asset Management Inc reduced its stake in Iron Mountain Incorporated by 7.2%, selling 14,036 shares and owning approximately 0.06% of the company worth $18,461,000.
• Iron Mountain announced a quarterly dividend of $0.785 per share, reflecting a 3.0% dividend yield and a staggering dividend payout ratio of 2,242.86%.
• The company's recent earnings report showed an earnings per share of $1.24, beating consensus estimates, with quarterly revenue up 11.6% year-over-year.

TD Asset Management Inc cut its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 7.2% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 179,988 shares of the financial services provider's stock after selling 14,036 shares during the quarter. TD Asset Management Inc owned approximately 0.06% of Iron Mountain worth $18,461,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of IRM. Harbour Trust & Investment Management Co bought a new position in shares of Iron Mountain in the second quarter worth about $205,000. RFG Advisory LLC increased its position in Iron Mountain by 9.2% during the 2nd quarter. RFG Advisory LLC now owns 19,848 shares of the financial services provider's stock worth $2,036,000 after purchasing an additional 1,665 shares in the last quarter. Naviter Wealth LLC lifted its stake in Iron Mountain by 7.6% in the 2nd quarter. Naviter Wealth LLC now owns 22,341 shares of the financial services provider's stock valued at $2,308,000 after purchasing an additional 1,572 shares during the last quarter. Cornerstone Wealth Group LLC boosted its position in Iron Mountain by 3.8% in the second quarter. Cornerstone Wealth Group LLC now owns 4,052 shares of the financial services provider's stock valued at $416,000 after buying an additional 147 shares in the last quarter. Finally, NorthRock Partners LLC grew its stake in shares of Iron Mountain by 3.3% during the second quarter. NorthRock Partners LLC now owns 5,244 shares of the financial services provider's stock worth $541,000 after buying an additional 169 shares during the last quarter. Institutional investors and hedge funds own 80.13% of the company's stock.

Iron Mountain Trading Down 1.1%

Shares of IRM opened at $104.60 on Friday. The company has a market capitalization of $30.89 billion, a PE ratio of 747.20 and a beta of 1.06. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24. The stock's 50-day moving average price is $97.67 and its two-hundred day moving average price is $96.01.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, beating 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 business's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.08 earnings per share. Equities research analysts predict that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Monday, September 15th were paid a $0.785 dividend. This represents a $3.14 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, September 15th. Iron Mountain's dividend payout ratio is currently 2,242.86%.

Wall Street Analysts Forecast Growth

IRM has been the topic of several recent research reports. Zacks Research downgraded Iron Mountain from a "hold" rating to a "strong sell" rating in a report on Monday, October 13th. JPMorgan Chase & Co. cut their price target on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Jefferies Financial Group assumed coverage on Iron Mountain in a report on Monday, September 22nd. They set a "buy" rating and a $120.00 price target on the stock. Barclays raised 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, August 20th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Iron Mountain in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $116.83.

Insider Transactions at Iron Mountain

In other news, EVP Mark Kidd sold 6,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $91.05, for a total transaction of $546,300.00. Following the completion of the sale, the executive vice president owned 79,081 shares of the company's stock, valued at $7,200,325.05. This trade represents a 7.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $102.34, for a total transaction of $7,074,252.50. The disclosure for this sale can be found here. Insiders sold a total of 213,375 shares of company stock worth $20,347,156 over the last three months. 1.90% of the stock is owned by company insiders.

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.

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