Venture Visionary Partners LLC Reduces Position in Iron Mountain Incorporated $IRM

Key Points

• Venture Visionary Partners LLC reduced its stake in Iron Mountain Incorporated by 61.6%, owning 32,618 shares after selling 52,294 shares during the 1st quarter.
• Insiders, including Director Walter C. Rakowich and CEO William L. Meaney, sold a total of 240,007 shares worth over $23 million in the last three months, indicating significant insider activity.
• Iron Mountain announced a quarterly dividend of $0.785 per share, reflecting an annualized dividend yield of 3.4%, alongside reporting a revenue increase of 11.6% year-over-year.

Venture Visionary Partners LLC lessened its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 61.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 32,618 shares of the financial services provider's stock after selling 52,294 shares during the period. Venture Visionary Partners LLC's holdings in Iron Mountain were worth $2,807,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of IRM. Vanguard Group Inc. boosted its holdings in shares of Iron Mountain by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 46,825,734 shares of the financial services provider's stock valued at $4,028,886,000 after acquiring an additional 220,564 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Iron Mountain by 56.1% in the 4th quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider's stock valued at $454,756,000 after acquiring an additional 1,554,746 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Iron Mountain by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,256,417 shares of the financial services provider's stock valued at $366,210,000 after acquiring an additional 37,154 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Iron Mountain by 14.7% in the 1st quarter. Invesco Ltd. now owns 2,848,954 shares of the financial services provider's stock valued at $245,124,000 after acquiring an additional 366,134 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in shares of Iron Mountain by 39.0% in the 4th quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider's stock valued at $267,922,000 after acquiring an additional 715,024 shares during the last quarter. Hedge funds and other institutional investors own 80.13% of the company's stock.

Insider Buying and Selling at Iron Mountain

In other news, Director Walter C. Rakowich sold 900 shares of the company's stock in a transaction 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 owned 36,515 shares of the company's stock, valued at $3,650,404.55. This represents a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William L. Meaney sold 69,125 shares of the company's stock in a transaction on Friday, August 1st. The stock was 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 sold 240,007 shares of company stock worth $23,543,507 over the last three months. 1.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

IRM has been the topic of several recent research reports. JPMorgan Chase & Co. dropped their price objective on shares of Iron Mountain from $112.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Barclays upped their price objective on shares of Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. One research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $120.00.

Iron Mountain Price Performance

IRM opened at $91.63 on Wednesday. The firm has a fifty day moving average price of $98.21 and a 200 day moving average price of $94.04. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24. The stock has a market cap of $27.06 billion, a P/E ratio of 654.55 and a beta of 1.07.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates 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 net margin of 0.66% and a negative return on equity of 146.80%. The firm's revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.08 earnings per share. Equities analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Dividend Announcement

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

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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