Penserra Capital Management LLC Trims Stake in Iron Mountain Incorporated (NYSE:IRM)

Penserra Capital Management LLC reduced its holdings in shares of Iron Mountain Incorporated (NYSE:IRM) by 32.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,426 shares of the financial services provider’s stock after selling 680 shares during the period. Penserra Capital Management LLC’s holdings in Iron Mountain were worth $122,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Northern Trust Corp increased its holdings in Iron Mountain by 56.1% during the fourth quarter. Northern Trust Corp now owns 4,326,476 shares of the financial services provider’s stock valued at $454,756,000 after buying an additional 1,554,746 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Iron Mountain by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,219,263 shares of the financial services provider’s stock valued at $443,476,000 after buying an additional 15,097 shares during the last quarter. Norges Bank bought a new position in shares of Iron Mountain in the fourth quarter worth approximately $348,249,000. Nuveen Asset Management LLC boosted its position in shares of Iron Mountain by 39.0% in the fourth quarter. Nuveen Asset Management LLC now owns 2,548,970 shares of the financial services provider’s stock worth $267,922,000 after purchasing an additional 715,024 shares during the period. Finally, Invesco Ltd. raised its position in shares of Iron Mountain by 17.2% during the 4th quarter. Invesco Ltd. now owns 2,482,820 shares of the financial services provider’s stock valued at $260,969,000 after purchasing an additional 363,783 shares during the period. 80.13% of the stock is owned by hedge funds and other institutional investors.

Iron Mountain Stock Down 1.0%

Shares of IRM stock opened at $97.93 on Friday. The stock has a market cap of $28.89 billion, a P/E ratio of 238.85 and a beta of 1.08. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24. The company’s fifty day simple moving average is $99.85 and its two-hundred day simple moving average is $95.83.

Iron Mountain (NYSE:IRM) last announced its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.17 EPS for the quarter, topping the consensus estimate of $1.16 by $0.01. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.59 billion. Iron Mountain had a net margin of 1.97% and a negative return on equity of 201.62%. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.10 EPS. On average, analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 3rd. Stockholders of record on Monday, June 16th were given a dividend of $0.785 per share. This represents a $3.14 annualized dividend and a dividend yield of 3.21%. The ex-dividend date was Monday, June 16th. Iron Mountain’s dividend payout ratio is 765.85%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Wall Street Zen raised shares of Iron Mountain from a “sell” rating to a “hold” rating in a report on Friday, April 18th. Barclays upped their target price on shares of Iron Mountain from $118.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, May 27th. Finally, Truist Financial assumed coverage on shares of Iron Mountain in a report on Tuesday, April 8th. They issued a “buy” rating and a $95.00 target price for the company. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $121.71.

Insider Buying and Selling at Iron Mountain

In other news, CEO William L. Meaney sold 69,125 shares of the company’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $100.36, for a total transaction of $6,937,385.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mark Kidd sold 6,000 shares of the company’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total transaction of $612,120.00. Following the sale, the executive vice president owned 91,081 shares in the company, valued at $9,292,083.62. This represents a 6.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 240,007 shares of company stock valued at $23,649,959 over the last quarter. 1.90% of the stock is owned by corporate insiders.

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.