First Trust Advisors LP Sells 119,022 Shares of Iron Mountain Incorporated (NYSE:IRM)

Posted by Defense World Staff on Mar 14th, 2023

First Trust Advisors LP reduced its stake in Iron Mountain Incorporated (NYSE:IRM – Get Rating) by 39.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 182,696 shares of the financial services provider’s stock after selling 119,022 shares during the quarter. First Trust Advisors LP owned about 0.06% of Iron Mountain worth $8,033,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in IRM. Pictet Asset Management SA boosted its position in shares of Iron Mountain by 40.6% in the 3rd quarter. Pictet Asset Management SA now owns 4,030,490 shares of the financial services provider’s stock worth $177,221,000 after purchasing an additional 1,163,745 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in Iron Mountain by 8,675,800.0% in the 3rd quarter. Canada Pension Plan Investment Board now owns 867,590 shares of the financial services provider’s stock valued at $38,148,000 after acquiring an additional 867,580 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Iron Mountain by 1,442.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 835,796 shares of the financial services provider’s stock valued at $36,722,000 after acquiring an additional 781,609 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in Iron Mountain by 744.2% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 880,609 shares of the financial services provider’s stock valued at $38,373,000 after acquiring an additional 776,302 shares in the last quarter. Finally, Cohen & Steers Inc. lifted its position in Iron Mountain by 430,744.7% in the 3rd quarter. Cohen & Steers Inc. now owns 693,660 shares of the financial services provider’s stock valued at $30,500,000 after acquiring an additional 693,499 shares in the last quarter. 77.12% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Iron Mountain news, EVP Deborah Marson sold 1,125 shares of the stock in a transaction on Wednesday, December 14th. The stock was sold at an average price of $55.15, for a total value of $62,043.75. Following the completion of the sale, the executive vice president now owns 46,907 shares in the company, valued at approximately $2,586,921.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Iron Mountain news, CEO William L. Meaney sold 17,766 shares of the stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $52.43, for a total value of $931,471.38. Following the completion of the sale, the chief executive officer now owns 295,650 shares in the company, valued at approximately $15,500,929.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Deborah Marson sold 1,125 shares of the stock in a transaction dated Wednesday, December 14th. The shares were sold at an average price of $55.15, for a total transaction of $62,043.75. Following the transaction, the executive vice president now directly owns 46,907 shares of the company’s stock, valued at approximately $2,586,921.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 106,184 shares of company stock worth $5,564,979. Corporate insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on IRM. Exane BNP Paribas began coverage on Iron Mountain in a research report on Wednesday, December 14th. They issued an “outperform” rating on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 target price on shares of Iron Mountain in a research note on Monday, March 6th. Evercore ISI decreased their target price on shares of Iron Mountain to $60.00 in a research note on Tuesday, November 15th. Finally, BNP Paribas assumed coverage on shares of Iron Mountain in a research note on Wednesday, December 14th. They set an “outperform” rating and a $66.00 target price for the company. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.80.

Iron Mountain Trading Up 2.6 %

NYSE:IRM opened at $52.67 on Tuesday. The company has a debt-to-equity ratio of 16.46, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $15.32 billion, a price-to-earnings ratio of 27.72, a price-to-earnings-growth ratio of 3.61 and a beta of 0.89. Iron Mountain Incorporated has a one year low of $43.33 and a one year high of $58.61. The business has a fifty day moving average price of $52.73 and a 200-day moving average price of $51.46.

Iron Mountain (NYSE:IRM – Get Rating) last posted its quarterly earnings data on Thursday, February 23rd. The financial services provider reported $0.43 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.46). The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Iron Mountain had a return on equity of 79.49% and a net margin of 10.91%. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter last year, the company earned $0.74 earnings per share. Sell-side analysts forecast that Iron Mountain Incorporated will post 3.55 EPS for the current year.

Iron Mountain Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 5th. Stockholders of record on Wednesday, March 15th will be paid a $0.6185 dividend. This represents a $2.47 annualized dividend and a dividend yield of 4.70%. This is a positive change from Iron Mountain’s previous quarterly dividend of $0.62. The ex-dividend date is Tuesday, March 14th. Iron Mountain’s dividend payout ratio is 130.00%.

Iron Mountain Profile

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Iron Mountain, Inc engages in the provision of storage and information management solutions. It operates through the following business segments: North American Records & Information Management Business, North American Data Management Business, Western European Business, Other International Business, Global Data Center Business and Corporate & Other Business.