Victory Capital Management Inc. Reduces Stake in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Victory Capital Management Inc. has decreased its stake in Iron Mountain by 11.6%, selling 11,257 shares during the first quarter, bringing their total holdings to 85,846 shares valued at approximately $7.4 million.
• Wall Street analysts have a consensus price target of $121.71 for Iron Mountain, with the majority issuing buy ratings for the stock, reflecting positive growth expectations.
• Iron Mountain recently announced a quarterly dividend of $0.785 per share, representing an annualized yield of 3.16%, despite a high payout ratio of 765.85%.

Victory Capital Management Inc. reduced its position in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 11.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 85,846 shares of the financial services provider's stock after selling 11,257 shares during the period. Victory Capital Management Inc.'s holdings in Iron Mountain were worth $7,386,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of IRM. Cranbrook Wealth Management LLC acquired a new stake in shares of Iron Mountain during the 1st quarter valued at $26,000. Golden State Wealth Management LLC bought a new stake in shares of Iron Mountain during the 1st quarter valued at about $30,000. Wayfinding Financial LLC bought a new stake in shares of Iron Mountain during the 1st quarter valued at about $37,000. Franchise Capital Ltd bought a new stake in shares of Iron Mountain during the 1st quarter valued at about $39,000. Finally, Crewe Advisors LLC boosted its position in shares of Iron Mountain by 10,000.0% during the 1st quarter. Crewe Advisors LLC now owns 505 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 500 shares in the last quarter. 80.13% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Iron Mountain

In other Iron Mountain news, CEO William L. Meaney sold 69,125 shares of the stock in a transaction 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Walter C. Rakowich sold 900 shares of the stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $99.97, for a total value of $89,973.00. Following the sale, the director owned 36,515 shares in the company, valued at approximately $3,650,404.55. This represents a 2.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 240,007 shares of company stock worth $23,649,959 over the last 90 days. 1.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Truist Financial assumed coverage on Iron Mountain in a report on Tuesday, April 8th. They issued a "buy" rating and a $95.00 price target on the stock. Wall Street Zen upgraded Iron Mountain from a "sell" rating to a "hold" rating in a report on Friday, April 18th. Finally, Barclays increased their price target on Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, May 27th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Iron Mountain has a consensus rating of "Buy" and a consensus price target of $121.71.

Iron Mountain Stock Performance

Iron Mountain stock traded up $0.93 during midday trading on Tuesday, hitting $98.93. 104,852 shares of the company's stock were exchanged, compared to its average volume of 1,844,003. Iron Mountain Incorporated has a 52-week low of $72.33 and a 52-week high of $130.24. The stock has a 50-day moving average price of $99.98 and a two-hundred day moving average price of $95.38. The company has a market cap of $29.19 billion, a P/E ratio of 241.33 and a beta of 1.08.

Iron Mountain (NYSE:IRM - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.01. Iron Mountain had a negative return on equity of 201.62% and a net margin of 1.97%. The firm had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.59 billion. During the same period in the prior year, the business earned $1.10 EPS. The company's revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, sell-side analysts expect that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Monday, June 16th were given a $0.785 dividend. This represents a $3.14 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend was Monday, June 16th. Iron Mountain's dividend payout ratio is currently 765.85%.

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.