Public Sector Pension Investment Board Sells 146,639 Shares of Iron Mountain Incorporated (NYSE:IRM)

Public Sector Pension Investment Board cut its stake in shares of Iron Mountain Incorporated (NYSE:IRM) by 65.1% in the 1st quarter, HoldingsChannel reports. The firm owned 78,542 shares of the financial services provider’s stock after selling 146,639 shares during the period. Public Sector Pension Investment Board’s holdings in Iron Mountain were worth $6,758,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of IRM. Cranbrook Wealth Management LLC bought a new stake in Iron Mountain during the first quarter valued at approximately $26,000. Golden State Wealth Management LLC purchased a new position in shares of Iron Mountain during the first quarter worth approximately $30,000. Ramirez Asset Management Inc. purchased a new position in shares of Iron Mountain during the first quarter worth approximately $34,000. Wayfinding Financial LLC purchased a new position in shares of Iron Mountain during the first quarter worth approximately $37,000. Finally, Franchise Capital Ltd purchased a new position in shares of Iron Mountain during the first quarter worth approximately $39,000. 80.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

IRM has been the topic of several research reports. JPMorgan Chase & Co. decreased their price target on shares of Iron Mountain from $112.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, August 7th. Barclays lifted their price target on shares of Iron Mountain from $118.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 27th. Finally, Wall Street Zen raised shares of Iron Mountain from a “sell” rating to a “hold” rating in a research note on Friday, April 18th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $120.00.

Insider Activity at Iron Mountain

In related news, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $102.02, for a total value of $612,120.00. Following the sale, the executive vice president owned 91,081 shares in the company, valued at $9,292,083.62. The trade was a 6.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William L. Meaney sold 69,125 shares of Iron Mountain stock in a transaction on Friday, August 1st. The shares were 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. In the last ninety days, insiders have sold 240,007 shares of company stock worth $23,543,507. 1.90% of the stock is currently owned by insiders.

Iron Mountain Stock Up 0.1%

Shares of NYSE IRM opened at $91.47 on Friday. Iron Mountain Incorporated has a 52 week low of $72.33 and a 52 week high of $130.24. The firm’s fifty day moving average is $98.61 and its 200 day moving average is $94.23. The company has a market cap of $27.02 billion, a price-to-earnings ratio of 653.40 and a beta of 1.07.

Iron Mountain (NYSE:IRM) last issued its earnings results on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, topping the consensus estimate of $1.19 by $0.05. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the firm earned $1.08 earnings per share. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. Equities research analysts anticipate that Iron Mountain Incorporated will post 4.54 earnings per share for the current year.

Iron Mountain Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 3.4%. Iron Mountain’s payout ratio is 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.