The Manufacturers Life Insurance Company Raises Stock Holdings in Iron Mountain Incorporated $IRM

Key Points

• The Manufacturers Life Insurance Company increased its stake in Iron Mountain Incorporated by 3.6% in Q1, acquiring a total of 195,137 shares valued at approximately $16.79 million.
• Iron Mountain reported earnings of $1.24 per share for the last quarter, exceeding estimates, with an 11.6% year-over-year revenue increase to $1.68 billion.
• The company declared a quarterly dividend of $0.785 per share, resulting in an annualized dividend yield of 3.5%.

The Manufacturers Life Insurance Company lifted its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 3.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 195,137 shares of the financial services provider's stock after buying an additional 6,832 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Iron Mountain worth $16,790,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Kestra Private Wealth Services LLC grew its stake in Iron Mountain by 14.7% in the first quarter. Kestra Private Wealth Services LLC now owns 14,537 shares of the financial services provider's stock worth $1,251,000 after purchasing an additional 1,860 shares in the last quarter. Golden State Wealth Management LLC bought a new position in Iron Mountain in the first quarter worth approximately $30,000. Steward Partners Investment Advisory LLC increased its holdings in shares of Iron Mountain by 1.4% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 38,032 shares of the financial services provider's stock valued at $3,272,000 after acquiring an additional 513 shares during the period. Inspire Trust Co. N.A. boosted its position in shares of Iron Mountain by 21.4% in the 1st quarter. Inspire Trust Co. N.A. now owns 17,000 shares of the financial services provider's stock worth $1,463,000 after purchasing an additional 3,000 shares in the last quarter. Finally, HighTower Advisors LLC boosted its position in shares of Iron Mountain by 76.7% in the 1st quarter. HighTower Advisors LLC now owns 109,124 shares of the financial services provider's stock worth $9,389,000 after purchasing an additional 47,380 shares in the last quarter. Institutional investors own 80.13% of the company's stock.

Iron Mountain Stock Performance

NYSE IRM opened at $89.49 on Wednesday. The stock has a 50-day simple moving average of $96.05 and a two-hundred day simple moving average of $93.30. The firm has a market capitalization of $26.43 billion, a P/E ratio of 639.29 and a beta of 1.08. Iron Mountain Incorporated has a fifty-two week low of $72.33 and a fifty-two week high of $130.24.

Iron Mountain (NYSE:IRM - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, beating analysts' consensus estimates of $1.19 by $0.05. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. Iron Mountain had a negative return on equity of 146.80% and a net margin of 0.66%.The company's revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the business posted $1.08 EPS. As a group, analysts forecast that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The business also recently disclosed 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 dividend yield of 3.5%. Iron Mountain's dividend payout ratio (DPR) is presently 2,242.86%.

Insider Buying and Selling at Iron Mountain

In other Iron Mountain news, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction dated 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 transaction, the executive vice president owned 91,081 shares in the company, valued at approximately $9,292,083.62. This trade represents a 6.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $100.36, for a total value of $6,937,385.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 161,584 shares of company stock worth $15,818,674. Insiders own 1.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on IRM. JPMorgan Chase & Co. reduced 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. Barclays raised their target price on Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to MarketBeat.com, Iron Mountain currently has an average rating of "Buy" and an average target price of $120.17.

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.

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