United Services Automobile Association Purchases New Position in Iron Mountain Incorporated $IRM

Key Points

• United Services Automobile Association recently acquired a new position in Iron Mountain Incorporated, purchasing 7,308 shares valued at approximately $622,000 in Q1.
• Institutional investors and hedge funds now hold 80.13% of Iron Mountain's stock, indicating strong institutional interest in the company.
• Iron Mountain announced a quarterly dividend of $0.785 per share, equating to an annualized yield of 3.3%, with the ex-dividend date set for September 15th.

United Services Automobile Association purchased a new position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 7,308 shares of the financial services provider's stock, valued at approximately $622,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in IRM. Focus Partners Wealth increased its holdings in shares of Iron Mountain by 269.7% during the 4th quarter. Focus Partners Wealth now owns 122,184 shares of the financial services provider's stock worth $12,881,000 after buying an additional 89,131 shares during the last quarter. Gotham Asset Management LLC increased its holdings in shares of Iron Mountain by 6.3% during the 4th quarter. Gotham Asset Management LLC now owns 86,557 shares of the financial services provider's stock worth $9,098,000 after buying an additional 5,153 shares during the last quarter. Laird Norton Wetherby Wealth Management LLC boosted its position in shares of Iron Mountain by 3.2% during the 4th quarter. Laird Norton Wetherby Wealth Management LLC now owns 9,230 shares of the financial services provider's stock worth $970,000 after purchasing an additional 289 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Iron Mountain by 5.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,618 shares of the financial services provider's stock worth $3,008,000 after purchasing an additional 1,421 shares during the period. Finally, OMERS ADMINISTRATION Corp boosted its position in shares of Iron Mountain by 20.5% during the 4th quarter. OMERS ADMINISTRATION Corp now owns 12,192 shares of the financial services provider's stock worth $1,282,000 after purchasing an additional 2,073 shares during the period. Institutional investors and hedge funds own 80.13% of the company's stock.

Analysts Set New Price Targets

A number of research firms 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 research report on Thursday, August 7th. Barclays increased their price objective on shares of Iron Mountain from $121.00 to $122.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company's stock. According to data from MarketBeat.com, Iron Mountain has an average rating of "Buy" and a consensus target price of $120.17.

Insider Buying and Selling

In related news, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $91.05, for a total value of $546,300.00. Following the completion of the transaction, the executive vice president directly owned 79,081 shares in the company, valued at approximately $7,200,325.05. This trade represents a 7.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Greg W. Mcintosh sold 17,334 shares of Iron Mountain stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $100.00, for a total value of $1,733,400.00. Following the completion of the transaction, the executive vice president owned 35,446 shares of the company's stock, valued at approximately $3,544,600. This trade represents a 32.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 236,709 shares of company stock valued at $22,555,809. 1.90% of the stock is currently owned by company insiders.

Iron Mountain Trading Down 2.0%

NYSE:IRM traded down $2.01 during midday trading on Friday, reaching $96.82. The company had a trading volume of 1,135,631 shares, compared to its average volume of 1,241,750. The firm has a market capitalization of $28.60 billion, a price-to-earnings ratio of 691.64 and a beta of 1.08. The stock's fifty day simple moving average is $94.93 and its 200-day simple moving average is $93.37. 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 released its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.05. The firm 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%.Iron Mountain's revenue was up 11.6% compared to the same quarter last year. During the same period last year, the business posted $1.08 earnings per share. As a group, sell-side analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 15th will be issued a $0.785 dividend. The ex-dividend date is Monday, September 15th. This represents a $3.14 dividend on an annualized basis and a yield of 3.2%. Iron Mountain's dividend payout ratio (DPR) is 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.